FEBRUARY 2025 – ELEVATED INVENTORY BRINGS IN THE NEW YEAR!
2025 started off strong with an uptick in sales when compared side by side with last January’s numbers! The Single Family Home sector stood out from the rest last month with a 41% gain in sales compared to the same time period in 2024! Below we have a break down of how inventory levels, sales and pricing have been affected in different housing sectors as we continue into the new year.
In January 2025, we saw a increase of 21% in residential property sales over the previous year, while our total listing inventory increased by nearly 24% to 2,369 listings in total. Currently, the overall average price (all residential property categories combined) is sitting a little over 3% higher than the average during the same time last year, landing at $822,075.
The table below shows the breakdown on where the 241 total monthly sales came from, and shows the total inventory levels for each property category.
On average, it is taking right around 80 days to sell a home, depending on the property type.
SINGLE FAMLY HOME MARKET UPDATE
In the Single Family Home bracket we saw a sales increase of 41% coupled with another 23% increase in inventory over January of last year.
The average price for the month again came in above the Million Dollar mark, and is currently sitting nearly on par with last January’s average price.
TOWNHOUSE MARKET UPDATE
The townhouse market has seen a 35% increase in sales compared to January of last year. Despite a 16% increase in inventory, townhomes continue to make up only 14% of all available listings. The average sale price finished at $763,208 – an increase of 11% from the average during the same month last year.
CONDO MARKET UPDATE
The condo market too has seen an increase in sales in comparison to this time last year. We also have continued to see significant increases in inventory in the condo sector this year over last. Sales increased by 10% while the inventory increased by nearly 26%!
SUPPLY & DEMAND
The months of inventory levels are our best way to determine the strength or weakness of the market…and to recap our benchmarks:
Less than 4 Months of Inventory is a Seller’s Market
4 to 6 Months of Inventory is a Balanced Market
More than 6 Months of Inventory is a Buyer’s Market
We’ve been tracking the Months of Inventory – the graph below outlines how the first month of 2025 went compared to the same time periods in the previous 3 years. In January of 2024 there were 10.1 months of inventory, whereas this year we are sitting at 9.8. This means we are continuing to work in a strong buyers market at this time despite a dip in the months of inventory this year over last.
What does all this mean? Is now the time to make a move? I would love to discuss what may be right for you – Please feel free to reach out any time!
