February 2024 Market Recap: 📊 Pricing Stabilization: After a slight decline in January, both the Year Over Year (YOY) Average and Median Sold Prices increased modestly in February, indicating that pricing has now stabilized. This is a strong sign for the market moving forward.
📈 Unit Sales: Sold units increased by +6.5% YOY, showing a healthy demand for homes in the area.
📈 Pending Units: Pending units saw a substantial increase of +23.9% YOY, indicating a strong market heading into the spring season.
🏡 New Listings: The number of new listings surged by +44.8% YOY, providing more options for buyers in the market.
🕒 Days on Market: The Average Days on Market for sold listings is now 79, suggesting that homes are selling relatively quickly.
📦 Inventory: There is currently 4.1 Months of Inventory (MOI) on the market, indicating a balanced market.
What Does This Mean for Buyers and Sellers?
🔍 Buyers: 2024 is shaping up to be a buying opportunity. With rates expected to come down and more supply entering the market, now is a great time to buy.
💰 Sellers: Properties are selling, and seasonality is on your side. However, be prepared for increased competition from other sellers. Strategic pricing and property preparation will be key.
