We continue to see the shortage of homes available be a significant factor in our market. June showed stronger sales volume than the prior year, but year-to-date sales volume is still down 12.0%. Appreciation remains strong. Also, while we are seeing inventory creep up, we have not experienced any of the significant increases seen on the national level.
For buyers, the market is beginning to show signs that are in the buyer’s favor following two years of an extremely strong seller’s market. However, we are seeing interest rates remain high despite the long-term projections. It is important for buyers to take into consideration their buying power as higher rates put pressure on monthly payment amounts.
We understand that pets can often significantly contribute to an individual or family’s quality of life, and we wish to accommodate tenants with pets wherever possible. However, experience has taught us that the presence of pets in a rental home can sometimes result in thousands worth of damage, most frequently the result of pets urinating on carpeting or hardwood flooring which then must be replaced. With this in mind, we employ the following guidelines in making decisions concerning the acceptability of pets:
For the most recent twelve months (05/01/2023-4/30/2024) the MLS reported 1,639 sales with a median sale price of $218,500 and a reported average marketing time of 29 days. For the prior twelve months (05/01/2022-4/30/2023) the MLS reported 1,849 sales with a median sale price of $190,000 and a reported average marketing time of 30 days.
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.