Last month I wrote, “The number of listings over the past three months has been in a very tight range.” Since then, we broke out of that range to the upside and now have 348 homes on the market as of April 7. 2024. It is not a large increase but it is a hopeful sign of more inventory as we move deeper into the active period in the market. Last year, we hit a low in inventory in late April and from there rose for the next six months.

The 3-month median price for March continued to decline. It fell from $419,000 to $415,000. Not a large decline, but the down trend since July, 2023 continues. However, we are still above the price low of February last year which was $410,000. I still count that as a positive sign. The 12-month median price for March declined from $435,000 to $430,000 and we are now at the same price as June of 2022. The 4.6% appreciation from that date to the market high has evaporated.

Median DOM (days on market - the time period where 50% of the homes leave the market for homes that sold over the past 30 days.) The Days on Market shot higher for the month of February and into early March but has now declined as rapidly as it rose. It is currently at 17 and we will most likely see lower numbers in the months ahead. The range for the past 30 days is 17 to 57. I wrote last month that, “This should peak soon and turn down as the buying season heats up.” We are starting to get warm.

The number of pendings continued to climb into March and reached a high of 114. However, since then, they have dropped back to 100 pendings as of April 7, 2024. Last year at this same time, a similar decline took place (See red arrow on the chart). After that decline, the number of pendings rose to higher numbers into mid-year. I would expect the same thing to take place this year.

Last month I noted that, “For the first time in nearly three years, we have three consecutive months where the number of homes sold is higher than the previous month.” Unfortunately, that change in trend stalled this month and we fell back to 975 homes sold for the past 12 months. We are now in a range between 958 and 994. My hope is that we break out to the upside and continue to climb.

Both median list price and median sales price declined for the month of March from the values of February. Last year around this time, (early in the buying season) both of them turned up and climbed into August. I anticipate that the same thing will happen this year due to the pressure of the buying season.