In February, the Months Supply of Inventory in our area was at 0.8, indicates a continued market favoring sellers where demand exceeded supply. This low inventory level means that homes were selling quickly, as evidenced by the Median Days Homes are On the Market at 34 days, which was down just over 33% from February 2023. 

The Year-Over-Year Change of Inventory showed a decrease of -33.1% further supporting the notion of a competitive market where buyers may need to act fast to secure a property. This decrease in inventory over the past year suggests that the market is tightening and prices may continue to rise.

The List to Sold Price Percentage of 100.4% indicates that homes were, on average, selling for slightly above their listing price. This can be attributed to the high demand and low inventory levels in the market.

Finally, the Median Sold Price of $620,000 was up 12.3% versus the same time last year, reflecting the current market conditions and the value of properties in the area. Sellers can expect to receive competitive offers, while buyers may need to be prepared to make strong offers to secure a property.

Overall, these metrics suggest a strong seller's market with continued high demand, low inventory, and rising prices. Buyers should be prepared to act quickly and make competitive offers, while sellers may find themselves in a favorable position to maximize their returns. 

View February 2024 Market Report with Individual Cities and Towns