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Sales Activity in the Real Estate Market
The real estate market has seen a rollercoaster of changes over the past seven years. In January 2013, the sales activity was recorded at 25 units, with a dollar volume of $10,737,400. However, this activity saw a decline in the following years, reaching a low of -41.9% in January 2023. The dollar volume also declined by 27.9% in the same year.
New Listings and Active Listings
In terms of new listings, the market saw a decline of 2.1% in January 2013 with 46 units. However, there was a 7.0% increase in new listings in January 2022, which later declined to -8.0% in January 2020. The active listings, on the other hand, increased dramatically in January 2023, reaching 84.4%. This was a significant jump from the 27.3% recorded in January 2021.
Sales to New Listings Ratio
The sales to new listings ratio indicates the balance between the supply and demand of properties in the market. In January 2013, the ratio was 54.3, which dropped to 35.0 in January 2018. However, the ratio improved in January 2022, reaching 91.5.
Months of Inventory
The months of inventory measure the amount of time it would take to sell all the active listings in the market, based on the current sales rate. In January 2013, the months of inventory were recorded at 7.1 months, which dropped to 2.2 months in January 2022.
Average and Median Price
The average price in the real estate market showed an upward trend, with a 24.0% increase in January 2023 compared to January 2013. The median price also showed an upward trend, with a 37.1% increase in the same period.
Sale to List Price Ratio and Median Days on Market
The sale to list price ratio measures the difference between the sale price and the list price of properties in the market. In January 2013, the ratio was 94.7, which improved to 98.5 in January 2022. The median days on market, which measures the time it takes to sell a property, showed a decline from 92.0 days in January 2013 to 47.0 days in January 2023.
In conclusion, the real estate market has experienced a mix of ups and downs over the past seven years. Despite the decline in sales activity and dollar volume in 2023, the market has shown improvement in some areas, such as the sales to new listings ratio and median days on market. The upward trend in average and median price suggests a strong demand for properties in the market.