March Update Highlights
March 07, 2024
Cromford Market Update with Tina Tamboer, Senior Analyst | The Cromford Report ™
Supply | 32% below normal, up 4 points over the past 30 days |
Demand | 20% below normal, up 4 points over the past 30 days |
New Listings | 8,161 – February (including Coming Soon); up 11% YOY |
Listings Under Contract | Down 6% YOY |
Accepted Contracts | 1819 – last week of February |
Days On Market | 29 DOM at contract – February |
Median Sales Price | $445,000; up 7.2% YOY |
Annual Avg Sales Price/SQFT Appreciation | Up 8.4% YOY – fueled by luxury/larger homes – 6% YOY – under 2,500 SF (80% of sales in ARMLS – 9.2% YOY – over 2,500 sf (20% of sales in ARMLS) |
Average Sales/SF – Monthly Average | 14% – last week of February |
Price Reductions | 15% – February; up 4% from January |
Sales Over Asking Price | 15% – February; up 4% from January |
Concessions | – 46% – February; 38-40% normal – $9,420 – median |
Sale Price/List Price Ratio | 98% |
Luxury over $1M | – Active inventory – up 31% over last year – Under contract – up 17% over last year – Tracking 2022 – best year ever for sales over $1M – Luxury homes are taking around a month to sell; historic standard |
Rents | – 4% YOY decrease – all size categories – apartment vacancies increasing |
At Bison Ventures, we understand that the current market is challenging, and there is uncertainty regarding interest rates. We know we have many clients in need of a new home, and we do not want today’s interest rates to be a barrier.
We are currently offering the Bison Refinance Program. After six on-time payments of a new mortgage, borrowers are eligible for a special refinance for three years from closing. This program entails NO lender or appraisal fees. It’s a perfect opportunity for your clients to buy now and lower their payments later!
Please feel free to reach out with any questions, and if you would like more detailed notes, please click here.