The January totals are fun to look through and evaluate because there’s always a lot of movement in the market. Every January, there’s a low number of closings because fewer people went under contract during the holidays. However, there’s a sharp uptick in pending sales because people go under contact in January and an increase in new listings because people list their property in the new year. These are the type of New Year’s resolutions I support: lose a few pounds, read more and make a life changing decision to buy or sell a property.

New listings are almost always going to skyrocket in the month of January. This year, 904 properties were added to the market last month. That’s just the start of what is predicted to be a very busy spring. Folks that tried and failed to sell their property last year went back to the drawing board and made updates to their price or their property and will re-list this year. At the same time, interest rates are at a 3 year low. It could be one of the busier spring markets we’ve seen in a while. With new listings being added to the market, we have 5 months of inventory across all property types. A “balanced” market is routinely reported as 6 months of inventory but I personally (and professionally) think that number is closer to 5 months. I sincerely believe we are in a balanced market right now and both buyers and sellers need to be willing to negotiate in order to be successful. 

New construction versus existing homes:

In January, a total of 1,189 properties closed. Of those 513 of them were new construction. More than 43% of sold properties being new construction is unique to our market. In most markets, there’s significantly less new construction for buyers to choose from. This is incredibly important to factor in as a seller to understand that you are competing against new construction with similar pricing, warranties and incentives like upgrades, closing costs and special interest rates. As a buyer, it’s important to know all of your options and have a trusted agent to help you navigate all aspects of the market- new construction and resales. 

Another important factor in our market are the number of listings that failed to sell. These are in two categories: withdrawn properties are listings that were pulled from the market during the listing period and expired properties which didn’t sell during the listing period. In January 2024, there were 746. In January 2025, there were 1,031. Last month, there were 1,126. From above, we know that 1,189 properties sold. That means it’s almost even for every property that sells, another one does not. For the economically savvy folks… you would expect supply to increase and prices to come down. You’d be wrong. It’s the phenomenon of human behavior matched with owners having sub 4% interest rates. Sellers are simply not motivated to sell unless they can get their price. So a historic number of properties are failing to sell and prices are staying high. 

If you have a situation where you’re thinking of buying or selling, we’d love to help talk through your scenario to determine the best path forward. In a free, no-hassle consultation, we can offer a data driven approach to help you achieve your goals. We’re to help!