Monthly Market Update

October’s data highlights a steady but nuanced market, with slight adjustments in pricing, inventory, and activity.

1. Home Prices:

   • The average price per square foot is $291.76, which is up by about 0.91% from last month.
   • Median price per square foot also saw a minor increase to $267.81, up 0.82% compared to September. This suggests that prices are holding steady without major swings.

2. Inventory Levels:

   • There are 3,655 active listings, up 8.07% from last month. This increase provides buyers with more options compared to earlier in the year, though inventory still remains lower than historical highs.

3. Market Activity:

   • Homes are spending slightly longer on the market, with the average days on market (DOM) at 68, which is a 1.49% increase from last month. The median DOM has decreased slightly to 48 days, indicating that many homes are still moving relatively quickly, especially those priced competitively.
   • The absorption rate, which shows the pace of sales relative to inventory, is at 30.00%. This represents a small decrease from September, signaling that while inventory has risen, sales remain relatively consistent.

4. Buyer and Seller Dynamics:

   • Buyers might appreciate the slight increase in inventory and stability in price trends, providing more options without drastic price hikes.
   • For sellers, the market remains favorable, especially for well-presented, competitively priced homes, which are still in demand despite the increased days on market.

Whether you’re considering buying or selling, October’s market trends reflect a balanced environment. If you’d like more information on how these changes may impact your plans, feel free to reach out!