Market Summary

February 2024 was characterized as a Neutral market. The dynamics showed a slight decrease in for sale listings, an increase in sold listings, and a promising rise in under contract listings compared to the previous year.

Property Overview – All Fee Simple Residential Properties

Sales Data

Property sales in February rose by 16.7% year over year, yet saw a decrease of 6.7% from the previous month. The inventory of for sale listings decreased by 2.5% from last year and by 0.9% from the previous month, indicating tighter market conditions.

Pricing Analysis

The Average Sold Price per Square Footage showed a decrease of 9.3% from the previous month but an impressive increase of 69.1% from last year, signaling significant appreciation in property values over the long term.

Market Dynamics

The Months of Inventory based on Closed Sales decreased by 18.2% from last year, indicating a shift towards a more balanced market. However, the Days on Market showed a downward trend, decreasing by 24.1% from the previous year, suggesting quicker sales.

Additional Insights

The Sold/Original List Price Ratio was 95%, reflecting a stable market where buyers and sellers are agreeing closely on prices. The absorption rates based on both closed and pended sales indicate an increase in market activity compared to last year.