The overview below shows real estate activity from January 2024 to March 2024. You will see data comparisons between March and the previous month, the last three months and March 2023.
Average & Median Sales Price
The median sales price in March 2024 was $275,000, up 3.77% from $265,000 from the previous month and 7.84% higher than $255,000 from March 2023. The March 2024 median sales price was at its highest level compared to March 2023 and 2022. The average sales price in March 2024 was $344,762, up 2.41% from $336,665 from the previous month and 7.48% higher than $320,760 from March 2023. The March 2024 average sale price was at its highest level compared to March 2023 and 2022.
Number of Properties Sold & Absorption Rate
The number of properties sold in March 2024 was 305, up 18.22% from 258 from the previous month and -23.56% lower than 399 from March 2023. The March 2024 sales were at its lowest level compared to March 2023 and 2022. Absorption rate is the avg number of sales per month divided by the total number of available properties.
Average Days on Market
The average days on market (DOM) is the number of days a property is on the market before it sells. An upward trend in DOM tends to indicate a move towards a buyer's market, a downward trend tends to indicate a move towards seller's market. The DOM for March 2024 was 58 days, down -20.55% from 73 days from the previous month and -1.69% lower than 59 days from March 2023. The March 2024 DOM was at a mid level compared with March 2023 and 2022.
Average Sales Price per Square Foot
The average sales price per square foot is a more normalized indicator for the direction of property value. The sales price per square foot in March 2024 was $195, up 1.56% from $192 from the previous month and 3.17% higher than $189 from March 2023.
Inventory & MSI
The number of properties for sale in March 2024 was 1,409, up 13.63% from 1,240 from the previous month and 35.61% higher than 1,039 from March 2023. The March 2024 inventory was at its highest level compared with March 2023 and 2022. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The March 2024 MSI of 4.62 months was at its highest level compared with March 2023 and 2022.
New Listings
The number of new listings in March 2024 was 503, up 14.58% from 439 from the previous month and 12.53% higher than 447 from March 2023. The March 2024 listings were at a mid level compared to March 2023 and 2022.
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