The real estate market continues to shift, presenting both challenges and opportunities.
Month-over-month
New listings decreased by 25%, available inventory fell by 7%, and pending listings dropped 22%.
Closed sales dipped slightly by 1%, reducing Months of Supply to 4.2 months, reinforcing a seller's market.
Year-over-year
New listings rose by 16%, boosting available inventory by 44%, though pending listings declined 4%. Price reductions increased to 46% of all closed sales. Longer marketing times pushed Days on Market to 54 days, and failed listings rose to 46%.
However, there’s good news for sellers: fewer concessions were offered, and more sellers achieved 100% or more of their asking price. Despite these trends, the median price climbed 8% year-over-year to $385,000, highlighting ongoing market strength. As competition rises, sellers must focus on strategic pricing and property presentation, while buyers benefit from increased inventory, longer marketing times, and improved negotiating power.