Multiple-offer situations have become extremely common at price points below $350,000 and buyers should be prepared to make offers above asking price and take consideration on what contingencies are being requested. This is being driven by the significant shortage of homes available.
This shows a decrease in the number of sales of 394 homes or -19.4%. The median sale prices saw a 8.4% increase year-over-year. There are currently 173 homes on the market with an average marketing time of 85 days. This results in a 1.2-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.
Most notably, the first quarter of 2022 saw sales volume return to more average levels, with April and June 2022 having the lowest number of sales in the prior 5 years. This is highlighted in the graph below. Additionally, we are seeing even shorter marketing times as the velocity of the market continues to be very strong.
We continue to see the shortage of homes available be a significant factor in our market, though supply is currently at it’s highest point this year at 1.6 months. The fall market has been very strong and year to date sales volume has almost caught up to 2024 and is only down 2.2% year-over-year
We continue to see the shortage of homes available be a significant factor in our market, though supply is currently at it’s highest point this year at 1.6 months. September remained seasonally strong, though year-to-date sales volume is still down 8.8% compared to 2024.
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We continue to see the shortage of homes available be a significant factor in our market, though supply is currently at it’s highest point this year at 1.6 months. While August sales volume was somewhat stronger than 2024, year-to-date sales volume is down 11.1%