APRIL 2025 – A PROMISING START TO THE SPRING MARKET
As March began to usher in the spring market we again saw gains in both sales and inventory levels when compared side by side with last March’s numbers. Below we have broken down how pricing, sales and inventory were affected in the different housing sectors over the past month.
In March 2025, we saw a increase of 15% in residential property sales over the previous year, while our total listing inventory increased by 14% to 3,024 listings in total. Currently, the overall average price (all residential property categories combined) is sitting 6% higher than the average during the same time last year, landing at $853,741.
The table below shows the breakdown on where the 344 total monthly sales came from, and shows the total inventory levels for each property category.
On average, it is taking right around 62 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 14% coupled with another nearly 13% increase in inventory over March of last year.
The average price for the month again came in above the Million Dollar mark, and is currently sitting 12% above last March’s average price.
TOWNHOUSE MARKET UPDATE
The townhouse market has seen just a 1% increase in sales compared to March of last year. Despite a 14% increase in inventory, townhomes continue to make up less than 14% of all available listings. The average sale price finished at $750,493 – an increase of 6% above 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 13% while the inventory increased by nearly 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 third month of 2025 went compared to the same time periods in the previous 3 years. In March of 2024 there were 8.9 months of inventory, whereas this year we are sitting at 8.8. 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!
