HIGHLIGHTS

  • April sales are up from last month but down from last year with 783 units sold. Last month 670 units sold. Number of sales Y-O-Y was down 4.7%.
  • Cash buyers represent 25% of all residential sales in our area, up from last month 21%.
  • April average "days on market" is down from March with 89 days to: 79 Days.
  • Average sold price is $371,000, this is down from the prior month and down 8.6% from April 2024 Y-O-Y, $406,229.
  • April inventory is up month over month to: 3528 units, and up from April 2024, with 3014 units. Y-O-Y increase in inventory of 17%
  • Months of inventory is 4.5 months, down from March 5.2 months, and up from April 2024 with 3.7 months inventory.
  • Average List to sold price difference in April was -2.7% up from -3.0% in March.
  • The inventory of homes has 4.5 months inventory, this level is considered a "Neutral Market". Generally when Months Inventory is generally less than 4.0 months it is considered a seller’s market. 6.0 months or more is a buyer's market. Between 4 and 6 months inventory is a neutral market.

The last couple of months we had drifted into a soft buyer's market. We have now shifted back into a more neutral market with homes selling at a faster rate than the inventory is providing for. Interest rates are predictable with inventory and prices showing stability - the market seems to have settled into a groove. Home buyers should take advantage of the interest rates we have, as they are not showing any signs of changing any time soon and home prices historically increase over time. Time will tell, but you could find waiting only leads to higher prices at the same interest rate. People are moving to our area and we are gearing up for a busy summer selling season!