Attached are the recently updated real estate trend charts. The monthly charts are updated through the end of February, 2024. The rest are date stamped with the day they were updated.
- Active residences (current inventory) – The number of listings over the past three months has been in a very tight range. On Jan 7 2024 there were 331 active listing and on Feb 7, 2024 there were 321 and on March 7, there were 327. This simply means that the number of homes coming on the market is about the same as the number leaving the market. I stated last month that, “We could stay in this range for a little longer but I anticipate more inventory as we head toward spring.” I still think we will see increasing inventory as we move into spring.
- Median prices. The 3-month median price for February continued to decline. It fell from $425,000 to $419,000. The down trend since July, 2023 continues. However, we are still above the price low of last February which was $410,000. I count that a positive. The 12-month price for February remained static at $435,000. This is not unusual when the 3-month price is bouncing up and down. That behavior leads to a leveling off of the 12-month price trend.
- 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 shot higher for the month of February and into early March. This is normal behavior when you compare this to previous years. The range for the past 30 days is 22 to 56. It means that it was taking longer for homes to get into escrow. This should peak soon and turn down as the buying season heats up.
- Number of pendings last 30 days close-up. The number of pendings continues to climb. There were 85 on February 7, 2024 and 101 on March 7. We are above where we were at this time last year which is a good sign but if you look back through the years, you see that we are not in as robust a market as those previous years. The current pendings lag well behind previous years for this time of year.
- Homes sold for 12 Consecutive Months. I asked last month, “Are we seeing the beginning of a change of trend in our sales numbers?” And the upward trend continued. For the first time in nearly three years, we have three consecutive months where prices are higher than the previous month. We reach 994 homes sold in February for a 12 month period. Let’s hope this trend continues.
- List price compared to sold price. Last month I wrote, “I anticipate a rise in median list price as we move further into the buying season.” The median list price for February rose from $429,500 to $435,000, Sellers anticipate getting a higher price for their home as we move further into the buying season. However, the median sales price fell from $425,000 to $419,009. Buyers have different ideas about price. Sellers may prevail, though. Notice that in February, 2023 there was a low in median list price and median sales price. From there, prices rose into the middle of the year. The buying season brings more competition for limited supply and can force prices higher.
