In January 2024, there were 42 residential sales. The winter months are typically slower in our market so we were pleased to see an increase of 17% from January 2023. Out of the 42 sales, just under half sold for a price in between $400,001 - $800,000. This supports the median and average prices which are $596,000 (median) and $755,159 (average). Both median and averages have been consistently rising year over year but started at a lower point this year than where we finished 2023. However, we expect for both median and average to continue to rise at a “normal” rate which is 4-6% annually.
As of January 31st, we have 209 active listings, which is also up 21% from last January, and 53% from January 2022. We are excited to see this number grow and expect to see that trend continue as we head into spring. Currently, the largest price category of active listings is $1,000,001 - $1,500,000 with 34 listings. The second highest is $2,000,001+ with 29 listings. With an additional 15 listings in between $1,500,001 - $2,000,000, the luxury market is still booming which is not surprising despite 6%+ interest rates. Cash buyers are still prevalent in our market and keep this higher priced inventory moving. In January, one fourth of the sales sold for over $1,000,000.
For more market insight or personalized comparative market analysis, please do not hesitate to contact Max Hutcheson or Deven Meininger.
