The primary factor in the residential market is a significant shortage of supply of homes in inventory. Many properties are experiencing multiple-offer situations and sale prices well above list. Most of these properties have been extensively updated, and it appears most buyers are willing to pay a significant premium for updates.
This shows a decrease in the number of sales of 365 homes or -18.3%. The median sale prices saw a 9.7% increase year-over-year. There are currently 72 homes on the market with an average marketing time of 70 days. This results in a 0.5-month supply of homes in inventory, which is a significant shortage relative to historical supply demand relationships in this market. Please note that the average marketing time of active listings is significantly above the average for closed sales in the prior 12 months.
For the most recent twelve months (03/01/2024-02/28/2025) the MLS reported 1,542 sales with a median sale price of $235,000 and a reported average marketing time of 34 days. For the prior twelve months (03/01/2023-02/27/2024) the MLS reported 1,630 sales with a median sale price of $212,858 and a reported average marketing time of 28 days. This shows a year-over-year decrease in the number of sales of 88 homes or -5.7%. The median sale prices saw a 9.4% increase year-over-year. There are currently 108 homes on the market with an average marketing time of 119 days. This results in a 0.8-month supply of homes in inventory, which is a significant shortage relative to historical supply demand relationships in this market. Please note that the average marketing time of active listings is significantly above the average for closed sales in the prior 12 months.
We continue to see the shortage of homes available be a significant factor in our market. First Quarter sales were down from 2024, though within the range of volume over the prior 5 years.
For the most recent twelve months (03/01/2024-02/28/2025) the MLS reported 1,542 sales with a median sale price of $235,000 and a reported average marketing time of 34 days. For the prior twelve months (03/01/2023-02/27/2024) the MLS reported 1,630 sales with a median sale price of $212,858 and a reported average marketing time of 28 days. This shows a year-over-year decrease in the number of sales of 88 homes or -5.7%. The median sale prices saw a 9.4% increase year-over-year. There are currently 108 homes on the market with an average marketing time of 119 days. This results in a 0.8-month supply of homes in inventory, which is a significant shortage relative to historical supply demand relationships in this market. Please note that the average marketing time of active listings is significantly above the average for closed sales in the prior 12 months.
There are currently 117 homes on the market with an average marketing time of 112 days. This results in a 0.9-month supply of homes in inventory, which is a significant shortage relative to historical supply demand relationships in this market. Please note that the average marketing time of active listings is significantly above the average for closed sales in the prior 12 months.
We continue to see the shortage of homes available be a significant factor in our market. It is most noteworthy that sales volume for 2024 was the lowest it had been since 2011 following the market crash of 2008. However, values remain strong, experiencing a 9.0% increase year over year.
November continued the trend we saw in October of strong sales volume with a 9.3% increase over November of 2023. However, we also saw supply of homes drop significantly down to 0.4 months of supply. It is not atypical to see a significant decrease in inventory during the holiday season, but this change is larger than we normally experience.