The real estate market comparison between January 2025 and January 2024 reveals significant shifts that reflect changing dynamics in supply and demand. Overall inventory has surged by 40% reaching 6,808 homes, indicating a substantial increase in available properties for buyers. This surge in inventory suggests that sellers are more willing to enter the market, potentially influenced by various economic factors and market conditions.
Conversely, pending sales have decreased by 8%, totaling 933. This decline could imply a cooling demand, as fewer buyers are making offers despite the increased inventory. The disconnect between rising inventory and declining pending sales may suggest that buyers are becoming more cautious, possibly due to higher interest rates or economic uncertainties that are prompting them to delay purchasing decisions.
Interestingly, the median closed price has increased by 9%, now standing at $659,000. This uptick in prices amid rising inventory points to a seller’s market where the demand for homes still persists, albeit at a slower pace. Buyers might be willing to pay more for desirable properties, indicating a selective market environment where quality and location significantly influence prices.
Moreover, new listings have risen by 23%, totaling 2,233. This increase reflects the growing confidence among sellers to list their homes, likely in response to favorable market conditions. However, the overall closed sales have also increased by 12%, with 551 homes sold, suggesting that despite the fluctuating dynamics, transactions are still occurring, albeit at a more measured pace.
Finally, the increase in days on the market by 51% to 92 days suggests that properties are taking longer to sell, which aligns with the trends of rising inventory and declining pending sales. In summary, January 2025 presents a more balanced yet challenging market, with increased inventory
