"How's the Market" March 3rd, 2025 edition

???????????????????????????????????????????????????????????????????????????????????????????????????????????????

“How's the Market?" is the question most frequently asked of us Realtors, and with good reason. The housing market is a reliable indicator of the overall health of the economy, regardless of whether you're buying, selling, or investing.? I'll continue answering the question by sharing Monday morning updates on housing market activity in the geographical area shown above.

March madness has arrived in many different ways; politically, meterologically, and in the local housing market. Last weekend,? new listings were almost double the number of contracts written. And for the second weekend in a row, that holds true. Equally intriguing, look at the number of homes going under contract in less than a week. Could this be the early beginning of a Spring market? Let’s see what the rest of the month has in store.?

Between Thursday February 27th and Sunday, March 3rd :

• ?24 properties came on the market?
• 23 detached properties, ranging from $469,000 to? $3,999,500
• 1 townhouse priced at $519,000

During? the same period?

• 12 detached properties went under contract
• 6 was under contract in 7 days or less5 were under contract in less than 4 days

????????????Homes that have been on the market for 30 days or more.

In order to provide a more thorough overview of the market, I've been tracking another category that is often overlooked by buyers just entering the market. Homes that have been on the market for more than 30 days represent overlooked opportunities for buyers as sellers feel the pain of overpricing and are then forced to correct their pricing as they chase the market down. Over the last four months, this segment of the market has been where the bulk of contract activity has taken place.

In the first week of 2022,? 32 single family homes had been on the market for? 30+ days. ? In the first week of 2023, that inventory stood at 93. In 2024, there were 105 the first week in January, and? on December 31st, there were 118. Today, that number has dropped to 62.?

33 of these homes are priced under $1,000,000, and of those, 18 had at least one price reduction.?

• 36 have been on for 60 days or more?
• 19 have been on the market over 4 months
• The current record-holder is at 550 days on the market.

?I hope that you find some measure of value, whether for your own understanding or for general cocktail conversation. Market data can only get you so far, you need a guide (like me) to use it to your best advantage. If you’re contemplating venturing into the market, whether selling, buying, or investing, I’m here to help make sense of the shifting market.?

Pray for Peace?