For Sellers:
- The average sale price increased by 8% from March 2023 to March 2024, and the median sale price increased by 9%. This increase suggests that home values in the area are appreciating, which could be a good opportunity for sellers to capitalize on their home's equity.
- There is a slight decrease in closings (14%), but this has not negatively impacted prices, indicating that demand remains strong relative to the supply.
- The average days on the market (DOM) for closed sales has slightly increased from 31 to 32 days. This minor change indicates that the market is relatively stable regarding the time it takes to sell a home.
- The increase in the average list price for active listings (12%) suggests that sellers are optimistic about the market and list their homes at higher prices.
- The months of supply have increased significantly by 34% to 3.56 months. Although this is still less than six months, which typically indicates a balanced market, it shows that there is more availability of homes, which could mean more competition for sellers.
For Buyers:
- With the active inventory increasing by 24%, buyers may find more options in the market compared to the previous year, which could lead to a less competitive market environment.
- The average list-to-contract time has decreased by 23%, which means homes are going under contract faster once they are listed. This indicates that while there is more inventory, desirable properties are still moving quickly, and buyers may need to act fast.
- Despite the increase in inventory, the median sale price is still on the rise, which suggests that properties are potentially being sold at or above the list price due to competition.
- The increase in months of supply to 3.56 indicates buyers have more leverage than they did a year ago regarding negotiations, as the market is less tight.
- However, the average sale price increase suggests the market is still seller-friendly overall, so buyers should be prepared to pay premium prices for desired homes.
In conclusion, while more homes are on the market compared to last year, prices continue to rise, which benefits sellers. Buyers have more options to choose from, but the market remains competitive, especially for homes that are priced and marketed well.