Average & Median Sales Price
The median sales price in February 2024 was $342,935, down -4.74% from $360,000 from the previous month and -4.07% lower than $357,500 from February 2023. The February 2024 median sales price was at a mid level compared to February 2023 and 2022. The average sales price in February 2024 was $497,954, down -2.22% from $509,258 from the previous month and 11.19% higher than $447,852 from February 2023. The February 2024 average sale price was at its highest level compared to February 2023 and 2022.
Sales Price / List Price Ratio
The sales price/list price ratio is the average sale price divided by the average list price for sold properties expressed as a percentage. If it is above 100%, homes are selling for more than the list price. If it is less than 100%, homes are selling for less than the list price.The February 2024 sales price/list price ratio was 97.85%, equal to the previous month and down from 100.51% from February 2023.
Number of Properties Sold & Absorption Rate
The number of properties sold in February 2024 was 67, down -5.63% from 71 from the previous month and -4.29% lower than 70 from February 2023. The February 2024 sales were at its lowest level compared to February 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 February 2024 was 67 days, up 15.52% from 58 days from the previous month and 45.65% higher than 46 days from February 2023. The February 2024 DOM was at its highest level compared with February 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 February 2024 was $282, down -1.40% from $286 from the previous month and 9.73% higher than $257 from February 2023.
Inventory & MSI
The number of properties for sale in February 2024 was 403, up 22.12% from 330 from the previous month and 38.97% higher than 290 from February 2023. The February 2024 inventory was at its highest level compared with February 2023 and 2022. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The February 2024 MSI of 6.01 months was at its highest level compared with February 2023 and 2022.
New Listings
The number of new listings in February 2024 was 138, up 15.97% from 119 from the previous month and 45.26% higher than 95 from February 2023. The February 2024 listings were at its highest level compared to February 2023 and 2022.
© 2024 Coldwell Banker. All Rights Reserved. Coldwell Banker and the Coldwell Banker logos are trademarks of Coldwell Banker Real Estate LLC. The Coldwell Banker® System is comprised of company owned offices which are owned by a subsidiary of Realogy Brokerage Group LLC and franchised offices which are independently owned and operated. The Coldwell Banker System fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. All data is taken from Northern Great Lakes Realtors MLS.
