MARCH 2025 – LISTING INVENTORY CONTINUES TO RISE
Last month we continued to see gains in both sales and inventory levels when compared side by side with last February’s numbers. Below we have a break down of how pricing, sales and inventory have been affected in the different housing sectors as we continue into the 3rd month of the year!
In February 2025, we saw a increase of 9% in residential property sales over the previous year, while our total listing inventory increased by nearly 20% to 2,640 listings in total. Currently, the overall average price (all residential property categories combined) is sitting 17% higher than the average during the same time last year, landing at $875,192.
The table below shows the breakdown on where the 271 total monthly sales came from, and shows the total inventory levels for each property category.
On average, it is taking right around 69 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 16% coupled with another 21% increase in inventory over February of last year.
The average price for the month again came in above the Million Dollar mark, and is currently sitting 10% above last February’s average price.
TOWNHOUSE MARKET UPDATE
The townhouse market has seen a 14% increase in sales compared to February of last year. Despite a 19% increase in inventory, townhomes continue to make up less than 15% of all available listings. The average sale price finished at $752,338 – an increase of almost 12% 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 21% while the inventory increased by 18%!
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 second month of 2025 went compared to the same time periods in the previous 3 years. In February of 2024 there were 8.9 months of inventory, whereas this year we are sitting at 9.7. This means we are continuing to work in a strong buyers market at this time.
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!
