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What The Latest Numbers Reveal About April’s Housing Market

Here’s what you need to know about our local housing market.

What’s happening in our housing market? The numbers reflect March data at the beginning of April, and we have some interesting developments to share.

Many of the listings we’ve added to the market in the last five or six months have received multiple offers and went under contract within days, indicating an uptick in the market. This could be attributed to the fact that interest rates are more stable now than they have been in the last six to seven months. 

Meanwhile, housing supply is up 66.7% compared to April 10, 2022, with 3,646 listings in the market this year, up from 2,187 last year. This number has remained relatively consistent over the past three months, hovering between 60% to 70%. However, demand has decreased by 15% year-to-date, with 3,111 listings in the first quarter of this year compared to 3,664 in the same period last year. Interestingly, this number is slowly increasing, with a 30% decrease in January, a 20% decrease in February, and a 15% decrease in March.

“Our market appears to be stabilizing.”

In March this year, 1,373 houses were sold, compared to 1,488 last year, which represents a 7.7% decline. The median price has increased from $290,170 last year to $300,900 this year, a slight increase of half a percent in March. This suggests that prices have stabilized, and the rate of appreciation has decreased. The average price has increased by 2.5%. Finally, the average days on the market has gone up from 30 last year to 56 this year, with a 103% increase year-to-date and a 180% increase in March.

We will continue to keep an eye on these trends and provide updates every month. If you have any questions, feel free to email or call us, and we will be happy to help you. We look forward to hearing from you!

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