The January home resale numbers, although lower than they were for January 2024, are still very good. What matters most is that the market is good for home buyers and for home sellers.
For buyers, there were 1359 new home listings in January, which is a 3% increase compared to January 2024.Overall, at the end of January, there were 3312 homes available on MLS, a 57.3% increase compared to the end of January 2024.
Based on the number of homes sold in January, if no more homes come on the market, there is 5.37 months of inventory, which means it would take that much time to sell all the currently available listings. Which is much better than the 2 to 3 months we saw during Covid.
For sellers, the good news is that the median days on market (DOM) is 43, which means that midpoint for the time a home is listed, to the time that it is sold, is 43 days. A balanced market would have an average of 60 DOM's. This shows that with a median of 43 days, some homes were up around 86 days, but many were less than the 43 days.
The list to selling price ratio was an average of 98%. This is good for home sellers who price their home to the market. All said, with around 43 days to sell your home once it is listed and a selling price around 98% of the asking price, you are in a very good market.
If you are looking to sell and buy, you also have more choice.
🚨 The market is shifting! 🚨 Whether you're a buyer or seller, now might be the perfect time to make your move. 🏡📈
💬 What do you think about the current market? Are you planning to buy or sell this year? Let’s chat! ⬇️👇
Drop me a note here!
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