January 2024 Market Action Report

Wow! A Gargantuan increase in new listings in Jan brought buyers many more choices than they had last month.

Despite relatively less competition for buyers, sales prices were up almost 6% from this time last year. Buyers showed they are willing to pay top prices to get into a great place—could this be because they think competition is only going to increase as spring continues on as rates are expected to continue to improve?

3.2 MONTHS OF INVENTORY

The number of available homes went up by .5 of a month—not surprising given the 89.2% increase in new listings this month! New year = new buyer pool has kept this inventory number near seller‘s-market land. (3-6 months of inventory is considered a balanced market)

AVERAGE DAYS ON MARKET IS 68

Only the super duper dialed and in great location houses went pending in their first weekend. In general, those places received a few good offers. There are a lot of stubborn listings hanging around and dragging down the averages.

AVERAGE HOME PRICE IS $564,600

Homes are 5.9% more valuable than they were 1 year ago.