We are officially in a Winter market. The recent cold likely put a damper on real estate activity, but typically the market starts to heat up from mid-January to March ushering in the Spring market. The year started off with 3,925 active listings - 1,829 more homes on the market than we saw in January 2022 (an increase of 87%). High prices continued with the median closed price of $588,000 being one of the highest we have seen since 2009 (only 2022 was at the same level).
Demand was up when compared to November and December - there were 3,141 pending sales in January, an increase of 40.2% when viewed month-over-month. The demand increase is likely due to fluctuating mortgage rates and the increased ability to negotiate pricing with sellers.
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