January 2024 Real Estate Market Snapshot
Latest Figures (as of February 7, 2024, 2:20 PM):
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Units Sold: 1,838, a slight decrease of 0.05% from January 2023. Note: This number is subject to change as more sales are recorded in the MLS.
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Average Sales Price: $526,730, showing a 2.86% decrease compared to last January.
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Days on Market: Homes are now taking an average of 90.28 days to sell, which is 19.83 days longer than the same period last year.
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Median Sales Price: Currently stands at $425,000, down 3.19% from the previous year.
Weekly Update (January 28 - February 3, 2024):
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New Listings: Saw a significant jump, up 61.98% compared to the same week in 2023.
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Sold Listings: Increased by 13.97% from the same week last year.
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Months of Inventory: Slightly decreased to 3.34 months from 3.36 last week, compared to 2.86 months a year ago.
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Median Sales Price for the Week: Rose to $442,990.
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Market Activity: With 9,351 homes on the market, there have been 996 price reductions in the past week, making up 10.7% of active listings.
Pricing Trends:
- Year-to-Date Comparison: The average sales price for January dipped by 2.86% to $526,730, with the median at $425,000. This compares to last year's average of $542,225 and median of $439,000.
Current Inventory Overview:
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Total Active Listings: 9,351, with an average list price of $783,011 and a median of $517,000. Luxury homes (priced above $1 million) constitute 16.2% of the listings, predominantly in the $1 to $1.9 million range.
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Active Under Contract: 1,539 listings are currently in this status, with an average list price of $603,432. The luxury segment of these listings varies significantly by price range.
Year-to-Date Sold Data Comparison (January 1 - January 31):
| Year | Ttl Sales | Avg. Sales Price | Avg. Days on Market | Median Sales Price |
|---|---|---|---|---|
| 2023 | 1,839 | $542,225 | 70.45 days | $439,000 |
| 2024 | 1,838 | $526,730 | 90.28 days | $425,000 |
| Change | -0.05% | -2.86% | +19.83 days | -3.19% |
Historical Data Summary:
- Active Listings: Reflecting an upward trend from 5,296 in 2014 to 9,351 in 2024.
- Total Pending Sales: Have seen fluctuations over the years, with a peak in 2022 (5,590) and a recent count of 2,410 in 2024.
This concise overview provides a snapshot of the latest trends and shifts in our local real estate market, offering valuable insights for homeowners, buyers, and investors alike. Stay tuned for more updates and in-depth analyses from Realty Haus.
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