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.
Supply - Active Listings
Active listings were up 87.3% when compared to last year and down 22.5% when compared to last month. This number is just above where we started 2021.
Only 2,699 new listings came on the market in January, the fewest number of homes to enter the market in a given month since tracking began in 2009. That said, this metric was up 60.0% compared to last month.
Demand - Pending Sales
Demand was down 11.3% year-over-year but up 40.2% when compared to last month.
Percent of Closed Price to List Price
This data point was significantly off the highs from 2021 and 2022. January saw 98.2% - a decline of 0.3% compared to last month.
Average Days in MLS
Days on market saw an increase to 45 days, on average. This was an increase of 7.1% when compared to last month (which saw 42 days on average), and up 136.8% year-over-year. Buyers continued to have an advantage with increased time for decisions.