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.
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.
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 89 homes or -5.4%. The median sale prices saw a 10.0% increase year-over-year. There are currently 182 homes on the market with an average marketing time of 98 days. This results in a 1.4-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 127 homes or -7.6%. The median sale prices saw a 12.7% increase year-over-year. There are currently 178 homes on the market with an average marketing time of 92 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.
The most significant change to the market is the days on market for active listings is increasing significantly when compared to recent months. While this is typical for early fall market, as well as election years, it does mark a change. The decrease in interest rates will likely bring some additional buyers to market prior to winter as well.
The most significant change to the market is the day on market for active listings is increasing significantly when compared to recent months. While this is typical for early fall market, as well as election years, it does mark a change. The Federal Reserve’s recent announcement of plans to decrease interest rates in September could also be a contributing factor to the slow down in the current real estate inventory.
There are currently 170 homes on the market with an average marketing time of 82 days. This results in a 1.3-month supply of homes in inventory, which is a significant shortage relative to historical supply demand relationships in this market.