Market Update | February 2024
In February, the market underwent a significant shift, marking the start of our seasonal upswing. Days on market dropped from 36 to 23 days, with sales volume surging by over 35% compared to January. Multiple offers are becoming common again in certain price points, especially for homes priced appropriately from the beginning. However, the condo market has slowed down to a buyer’s market due to high interest rates and escalating HOA fees driven by insurance costs.
On the inventory front, seasonal trends led to a notable increase in listings, with 4,243 new listings in February, a 29% jump from the previous month. However, we also saw a large jump of 23% more new listings than we saw come online versus last year… signaling that this year’s selling season is off to a stronger start. Although homes under contract rose by 13% from January, we were nearly on par with last year's figures. This influx of listings means buyers have more options, with active listings at month-end almost 46% higher than the same period last year.
Average and median close prices rose by a healthy 3% and 2.4% respectively compared to last year, suggesting a steady upward trend expected to continue throughout the year. Despite an uptick in interest rates in February, buyers who had been waiting on the sidelines became active, driving further market activity. This trend is anticipated to persist through March, maintaining high transaction volumes.
Go Back On the inventory front, seasonal trends led to a notable increase in listings, with 4,243 new listings in February, a 29% jump from the previous month. However, we also saw a large jump of 23% more new listings than we saw come online versus last year… signaling that this year’s selling season is off to a stronger start. Although homes under contract rose by 13% from January, we were nearly on par with last year's figures. This influx of listings means buyers have more options, with active listings at month-end almost 46% higher than the same period last year.
Average and median close prices rose by a healthy 3% and 2.4% respectively compared to last year, suggesting a steady upward trend expected to continue throughout the year. Despite an uptick in interest rates in February, buyers who had been waiting on the sidelines became active, driving further market activity. This trend is anticipated to persist through March, maintaining high transaction volumes.