09/09/2024
๐๐ข๐๐ฅ๐๐ง๐๐ฌ ๐๐จ๐ฎ๐ฌ๐ข๐ง๐ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ฉ๐จ๐ซ๐ญ โ ๐๐ฎ๐ฅ๐ฒ ๐๐๐๐
๐๐ ๐๐๐ ๐๐๐๐๐๐๐
๐๐๐ฐ ๐๐ข๐ฌ๐ญ๐ข๐ง๐ ๐ฌ: There was a slight 1.3% decrease in new listings for July 2024, with 152 homes listed compared to 154 in July 2023. However, year-to-date listings saw an 8.0% increase, totaling 1,002 listings compared to 928 in 2023โ
๐๐ฅ๐จ๐ฌ๐๐ ๐๐๐ฅ๐๐ฌ: July saw a notable 21.2% increase in closed sales, with 120 transactions compared to 99 last year. However, year-to-date sales showed a minor decline of 1.6%, with 731 homes sold versus 743 in 2023
๐๐๐๐ข๐๐ง ๐๐๐ฅ๐๐ฌ ๐๐ซ๐ข๐๐: The median sales price for homes in July 2024 decreased by 5.6%, falling from $256,000 in 2023 to $241,750. Despite this, the year-to-date median sales price rose by 5.2%, reaching $243,000
๐๐๐ฒ๐ฌ ๐จ๐ง ๐๐๐ซ๐ค๐๐ญ: Homes took longer to sell in July 2024, with the average days on market increasing by 75.6%, from 23 days in 2023 to 40 days in 2024. Year-to-date figures show a similar trend, with an increase of 52.6%โ
๐๐ง๐ฏ๐๐ง๐ญ๐จ๐ซ๐ฒ: There was a 54.5% rise in available inventory, with 204 homes for sale in July 2024 compared to 132 in the previous year.
๐๐ฎ๐ฆ๐ฆ๐๐ซ๐ฒ: The local housing market has moved into a more balanced market. While closed sales saw a significant rise and the inventory expanded, there was a notable decline in the median sales price and an increase in the time homes stayed on the market. This indicates a more competitive market for buyers, with increased availability but also a trend toward homes taking longer to sell at slightly lower prices than last year.
This report reflects a shift toward a buyerโs market, as higher inventory and longer market times give buyers more choices and negotiating power.
