February Sold Listings jumped up a bit to 94 from a paltry 61 in January. This sales number is in line with the previous 5 years showing that the market is remaining strong despite the headwinds of higher interest rates.

Median Sales price is $999,000 and Average Sales price is $1.29m. Using a 5-year graph with trailing 12-month data, you can see that there isn’t any softening to market prices. 

We have 3.4 months of inventory.

To get a contract, sellers will need a median number of 8 showings.

Properties are getting 3.2 showings a month.

What does all of this mean for you?

If you are a Buyer, you may be disappointed in the amount of inventory on the market. I am working with several buyers who are looking and haven’t found the right property yet. More properties will come on the market in April to June, but I do think it’s going to be competitive for the well-priced properties in good shape. Buyers need to be ready to take action so have your down payment funds ready and at least talk to a lender to understand your buying power. My team and I will be ready to take fast action if the right property comes on the market. 

If you are a Seller, you may be confused about why some properties are moving fast and others are not. I will readily admit that I have shown properties recently and do not understand why they haven’t sold. The one governing principle is PRICE. From 2020 to 2022, we saw increased appreciation by ~50%+, and each new listing came on at a higher price than the last. That is NOT the case right now and properties are selling at or maybe even slightly below previous comparables. For Sellers who are stuck with a listing that isn’t moving, it’s time to lower the price. By lowering the price of any property, you can remove all objections . . . at some point. With many shifting factors such as interest rates and STR regulations, we are in a more dynamic marketplace where pricing sometimes may not make sense. 

My team and I are looking forward to helping you buy or sell in 2024!