The market is shifting fast and the numbers tell a clear story—inventory is surging, prices are adjusting, and pending sales are way up across the board. If you’re buying, there are more options than ever. If you’re selling, you need to be sharp on pricing and presentation because competition is getting fierce.
For single family homes, the median price dipped 2.6% from December and 5.6% year over year. Closed sales fell 22.6% month over month and 4.1% year over year, but here’s the key—pending sales jumped 45.6% in January and are up 5.8% from last year. This means buyers are still stepping up and locking in homes, even as inventory continues to climb. We now have 11.8 months of supply, a 45.2% increase from December and 35.6% higher than last year. More homes on the market means buyers have more negotiating power, and sellers need to be strategic to get ahead.
Condos are following the same trend but on an even bigger scale. Median prices dropped 6% month over month and 15.9% year over year, while closed sales fell 25.1% from December. However, pending sales soared 69% month over month, meaning buyers are jumping in when they see the right opportunity. Days on market dropped 14.1%, showing that well-priced condos are moving quickly. But with 21.8 months of supply, up 54.4% from December, there’s no room for overpricing—sellers need to stand out or risk getting lost in a sea of listings.
The bottom line? Buyers are active and making moves, but inventory is growing fast. If you’re selling, pricing and marketing matter more than ever. If you’re buying, you’ve got options but don’t wait too long—competition is heating up on well-positioned homes. View the stats more in-depth below.
