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.
The market for buyers in many market segments under $400,000 is extremely competitive, especially for “move-in ready” properties. Buyers should be prepared to enter into multiple offer situations and discuss offer strategies with the agents prior to presenting any offers.
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 (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.