Whether you are a homeowner or are waiting for the right time to buy, staying on top of the local real estate market is key to making the best decisions possible. Click here to subscribe to my newsletter and never miss an update on our local market!
Median Sales Price
I use the median closed price for homes to show the growth in value that properties in our areas have experienced. Medians work best because they are not skewed by anomalies like averages are, and I used closed price rather than list price to provide true market values, rather than what the seller might hope their home will sell for!
In April our median sales priced increased up to $263,000 from the $256,000 median in February, a 1.15% increase. We are up 5.24% from April 2022. As we continue to go through these statistics, we can see that the price increase is due to many more buyers and sellers entering the market.
Closed Price to Original Price Ratio
This graph is a great indicator of demand in our market. It shows us what percentage of the original asking price (before any reductions) houses are selling for. If a house sells for the exact asking price, it will have a ratio of 100.0%.
In April, we had a 99% ratio, which is 1.4% higher than it was in March. With more buyers competing for still somewhat limited inventory, it isn’t surprising to see that sellers are getting just about what they are asking from their properties.
Median Days to Sell
Days to sell really means days to go under contract, aka days until the seller has accepted a written offer to purchase for the property. Like the last graph, this helps us measure supply vs demand. I am again using median rather than average so that the outliers don’t skew our numbers.
In the past, 30+ days on market was perfectly normal. Since demand picked up several years ago, we have been spoiled with record fast sales. They have been slowing down ever so slightly, and in February, the median days to sell was up to 23. In March the median dropped to 15 days. In April, we saw the median days on market was just 10 days. We are reaching similar levels of demand as before interest rates began rising, and properties are still selling fast.
Number of New Listings
This graph represents the number of properties listed for sale over the past 3 years. This statistic helps us identify what the number of new inventory is, since supply levels directly affect demand and prices.
Just like last month, we had a great number of new listings to hit the market this month. 446 properties were listed in April, just barely behind the 448 in March. Despite us not gaining more than we did last month, 446 is excellent compared to just 298 in February or the 304 in January. Despite a increase in people wanting to sell, we can see there is at least an equal number of buyers ready to purchase, since prices went up last month, and days on market and price drops went down.
Number of Transactions
Here we see a visualization of the number of homes that made it through the listing process and ended up being sold to a buyer ready to call it home.
In March, our transactions increased 29% from February to 325. In April, 319 houses crossed the closing table. A little bit less than that month, but still very strong numbers compared to what we’ve seen in months prior.
Months of Inventory
This final graph tracks an equation that we use to measure the relationship between inventory and demand in the market. This statistic essentially says “If we get zero new listings for sale until every house currently listed has sold, at the current rate houses are selling, it would take x months before we run out of inventory.”
Just like in March, we had 3 months of inventory in April. Three months shows that there is still great demand in our market, but not so much demand that it’s difficult and annoying for buyers trying to get an offer accepted.