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Market Performance: It presents statistics on units sold, new listings, and available units, with corresponding changes compared to the previous month and year. For instance, in April 2024, there were 2,339 units sold, a 19.2% increase compared to April 2023, and the median price of these sold units was $469,000, reflecting a 9.1% year-over-year increase.
Pricing Details: It details the median and average prices for sold units, new listings, and available units, illustrating trends such as price increases or decreases and how these compare over time.
Availability and Inventory: The report offers insights into the effective months of inventory available, which has decreased significantly, indicating a tighter market. For example, the effective months of availability was only 1.5 months in April 2024, a 22% decrease from the previous year.
Time on Market: It tracks the percentage of units sold within various time frames, such as 0-30 days or 31-60 days, helping to gauge market velocity. A significant 68.5% of closings in April occurred within 30 days.
Comparative Analysis: The update includes comparative data from previous years for a long-term perspective on market trends, specifically tracking metrics from 2017 through 2024.
Condo/Townhouse Market Trends: Separate statistics for the condo and townhouse market segments are provided, highlighting different dynamics compared to the single-family housing market.
