Real Estate Trend Charts for Humboldt County, updated for January, 2024. The rest are date stamped with the day they were updated.
- Active residences (current inventory) – The number of listings over the past month drifted slightly lower. On Jan 7, 2024 there were 331 active listing and on Feb 7, 2024 there were 321 and the low for 2024 so far stands at 312. This is above last year’s level which is a good sign. We could stay in this range for a little longer but I anticipate more inventory as we head toward spring.
- Median prices. The 3-month median price for December declined from $431,250 to $425,000 and has been trending down since July and August of last year. The 3-month moving average is the Leading Edge of the Market and it is currently leading to the downside. Definitely need to keep our eye on it. Where it leads, the 12-month follows! The 12-month price for January remained static at $435,000. It covers a longer time frame than the 3-month and follows at a slower pace. We can hope that the buying season this year turns the trend back up.
- Median DOM (days on market–the time period where 50% of the homes leave the market for homes that sold over the past 30 days.) The Days on Market stayed in a tighter range this fall and winter compared to last year. That means that the homes that sold during this period sold at a quicker pace that the previous year. Slightly lower interest rates may have something to do with this. Also, the median list price has come down substantially this month compared to several previous months (see chart 11 below) and this has had on impact on how long homes stay on the market before they sell. This month stayed in a range similar to the previous month, 22 to 34 days. I expect to see lower numbers as we move into spring.
- Number of pendings last 30 days close-up. We’ve had a nice rise in the number of pendings this month. After we hit a low of 48 on January 7, 2024, we have climbed to 85 on February 7, 2024. Our low for this year did not go below the low from last year (44 last year, 48 this year). It’s a small victory and gives me hope that higher sales numbers are in our future.
- Homes sold for 12 Consecutive Months. Are we seeing the beginning of a change of trend in our sales numbers? Our 12-month total that ended in November of last year was 958 homes sold, December’s total was 973 and January’s total was 978. It’s a good start and hopefully, it will continue. It’s a welcome relief after the precipitous decline we have had over the last two and a half years.
- List price compared to sold price. The 3-month median list price of homes declined $20,000 from the previous month. It is now at $429,500. For seven of the last ten months, the 3-month median list price was $449.500. Sellers were keeping their homes priced at the top of the range and that has now changed. But it is not the first time. In February of last year, there was also a big decline in median list price and the next month it jumped back to a much higher number. I anticipate a rise in median list price as we move further into the buying season.
