On The Rise: Properties and Prices

So far this year we have seen a significant increase in inventory throughout the area. However, real estate being hyper-local, each city and zip code within will have different stats relative to inventory, prices, and the "type of market" in the area. To further illustrate the point take a look at the "type of market charts" comparing this time last year, 2023, to now. What this shows is a more balanced market moving solidly into a neutral market.

While the market is to moving into a more balanced market, we can see from this chart that since the beginning of 2024 we have experienced several months with month over month price increases. Typically more inventory (competition) would put downward pressure on prices. Apparently not so much since the beginning of this year.

These numbers above represent lagging indicators. What's more predictive is the activity index or rate of absorption as active properties go under contract. We measure this for the total MLS area, city, zip code and neighborhood for even more granularity; 25% is good, although the higher the better.

City Activity Index: 14 of the 30 cities have over a 25% index or 46.66%

Zip Code Activity Index: of the 75 zip codes in the metro 28 have an activity index of over 25% or 37.33%

This is the graph for the entire MLS area. Ideally these two lines should be much closer together.

Summer for us is typically a slower season. The Fall season activity should give us a better idea of where our market will be headed into the new year. An interest rate cut would be a great holiday gift.