Market Insights BY
JEN ALLEN
RESIDENTIAL SALES ACTIVITY
TRANSACTIONS INCREASED, MARKETING TIME LENGTHENED
• As of March 31, 2025, there were just 135 properties listed for sale including residential, commercial, and vacant land listings. This is four percent lower than one year ago and 18 percent higher than the five-year average. Historically, inventory typically peaks in July, so we have another three to four months to go before we see a bigger picture of how this year’s inventory is distributed.
• So far this year, the price points which saw the biggest increase in listed properties were the $4 million to $5 million segment and the $6 million to $7 million segment. Properties priced between $2 million to $3 million saw a significant year-to-year decline. The $5 million to $6 million price point also saw a notable drop.
• The total months’ supply, or how long it would take to sell all listings based on trailing 12-month sales, measured five months, a slight decrease from this time last year. This estimate is certainly varied within each price point, however, and can be important for buyers and sellers to better understand.
CONTRACT ACTIVITY
• Single-family home sales in March ended the quarter on a high note. There were 13 sales during the month, notably higher than this time last year when there were just 8. This brought year-to-date single-family home sales to 46 transactions, an increase of 28 percent from Q124. Dollar volume rose a similar amount, rising 24 percent from one year ago.
• The distribution by price point of March sales was similar to both one year ago and the five-year average which brought the average selling price to $4.5 million through the first three months of the year. The median sale value remained lower than one year ago thanks to the balance of high-end sales but also more transactions under $2 million and fewer $4 million to $7 million sales in January and February as compared to the same period in 2024.
• The average marketing time remained higher for another consecutive month than in 2024, while the average sale price to the original and last asking prices fell. Available inventory was nearly identical to this time last year with 102 single-family home listings as of March 31, 2025. As we head into the peak of transaction activity, and digest economic news, the data should become more informative in forecasting trends.
INVENTORY BY PRICE POINT SLIGHT DECLINE IN TOTAL INVENTORY
• First quarter contract activity also ended quite strong relative to 2024 figures suggesting solid homebuyer confidence for the start of 2025. Through March 31, 2025, there were 24 recorded purchase contracts. This is identical to February figures and more than double the contracts recorded in March 2024. In fact, this type of activity is more reminiscent of 2022.
• New contract activity departed from Q1 trends where there was a higher amount of sales activity for properties less than $2 million. In fact, 29 percent of activity was for properties last priced between $2 million to $3 million, 21 percent for $3 million to $4 million and 21 percent for homes between $4 million and $6 million. There was also an uptick in contracts for properties listed above $8 million which suggests that median sale value could begin to increase and become closer to prior year’s levels.
