Naturally, most of us want to make as much money as possible when we sell our homes. At the same time, we don’t want to price our homes so high that they are “out of the market.” Finding just the right price point for our homes can often be a difficult process, with few guarantees that we have hit just the right point. In what follows, we will discuss some concepts relating to real estate price and value with a view to helping you understand the process of pricing your home.
This shows a decrease in the number of sales of 365 homes or -17.9%. The median sale prices saw a 6.9% increase year-over-year. There are currently 150 homes on the market with an average marketing time of 79 days. This results in a 1.1-month supply of homes in inventory, which is a significant shortage relative to historical supply demand relationships in this market.
While closing volume for August 2023 recovered to a level closer to the average total sales volume is down 12.5% year-over-year.
For the most recent twelve months (04/01/2023-3/31/2024) the MLS reported 1,631 sales with a median sale price of $214,000 and a reported average marketing time of 28 days. For the prior twelve months (04/01/2022-3/31/2023) the MLS reported 1,896 sales with a median sale price of $190,000 and a reported average marketing time of 31 days.
For the most recent twelve months (03/01/2023-2/29/2024) the MLS reported 1,639 sales with a median sale price of $211,000 and a reported average marketing time of 28 days. For the prior twelve months (03/01/2022-2/28/2023) the MLS reported 1,923 sales with a median sale price of $190,000 and a reported average marketing time of 32 days.
It is noteworthy that January 2024 saw an 8-year high in overall sales volume, and an increase of 63.2% over January of 2023.
This shows a decrease in the number of sales of 329 homes or -16.8%. The median sale prices saw a 9.3% increase year-over-year. There are currently 151 homes on the market with an average marketing time of 106 days. This results in a 1.1-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.
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.