The first market update of the new year is bringing good news to sellers!
Our median home price has increased yet again at +1.9% month over month - we're seeing a much steadier pace of appreciation in recent months, even during one of the historically slower seasons of the market. Notice how price per square foot had no real change month over month, an interesting indictor of what sold within the previous 30 days comparatively.
Our active inventory is tight, to be specific it's -37.7% month over month which is partially due to the reduction in new listings, which is -22.4% of what it was last month - while we all may love the holidays, this is the result in terms of supply. People have taken a few weeks off from their real estate goals to spend time with family and friends - I'm hoping that we see some more inventory come on the market within the coming weeks.
Our weakened supply has led to a reduction in days to contract, putting the pressure on buyers to move quick when they see a home that fits their needs. Overall closed sales are -6.1% month over month, but +34.1% year over year showing strong growth and rebound from the initial effects of the pandemic.
If you're curious as to how the changing market effects your home value, click here to get some info specific to your property.