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Ames Team's Market Update February 2024

February 2024 Market Update

February 2024 Market Update

Hi, Chase Ames with the Ames Team Realty. Thank you for checking out our real estate market update for the month of February, 2024. Let’s kick off the sales report for the Washington County Multiple Listing Service and look at January’s numbers of 2024 compared to January’s numbers of 2023.

Homes Sold

Last month there were 287 homes that sold compared to 269 last year. So about a 7% increase, which is off to a good start for the year.

Homes Pended

For pending listings, or homes that have accepted offers to sell their home, they had 436 new pendings last month, compared to 348 of January of 2023. That’s a 25% increase in accepted offers on homes.

Homes on the Market

For homes that are on the market, there’s 1,432 right now compared to 1,509 the same time last year, which is a 5% decrease. That doesn’t necessarily mean that our inventory is really dropping or low. Our inventory is still very normal for what it should be and right where it was pre-COVID.

Homes Listed for Sale

For new listings that came on market, there were 625 compared to 599 the same month last year. That’s a 4% increase for new listings coming on the market.

Luxury Market

Now here’s what’s really interesting, the high end luxury market. Last year in January, there was only one property that sold over $2 million. And that was somewhere between 2 and 3 million. This year in January, there were 11 properties that sold over $2 million. 1 compared to 11 is a huge spread. Of that 11, 4 were between $2 and $3 million. Six of those were between $3 and $5 million. One of those was over $5 million. So the high-end luxury market is off to a great start. Probably going to be a record year if it continues to do what it’s been doing these last 30 days, and it’s going to be pretty exciting to see what happens.

We’re here to help with any questions you might have in regards to real estate. Please call the Ames Team at 435-674-6011 or simply respond to this email. Thank you!