As real estate professionals, it’s our job to understand the numbers. As the spring season begins to take shape, we are committed to keeping you up-to-date on important trends in our market. Each month in our Market Update, we’ll take a deeper dive into select reports to show how these numbers affect you and your loved ones.

These graphics reflect numbers for January 2024, which is the most recent real estate market statistics released by Sierra Nevada REALTORS®.

First, let’s take a look at Percent of List Price Received. For the week ending February 24, 2024, the list-to-sales price received was 98.2%, which is an increase of 0.6% from the same week in 2023, but down 0.9% from the prior week ending February 17, 2024. Looking at the long-term graph, list-to-sales price ratios have been relatively constant for the past year, generally moving between 97.5% and 99.5%, which means that home buyers are willing to pay very close to the list price (good news for sellers), and it’s also indicative of a market with a low inventory of homes.

Next, let’s take a look at our Median Sold Price Per Square Foot, which is trending up. For the week ending February 24, 2024, the median sold price per square foot came in at $322, which is up 11.0% from one year ago and up 3.2% from the prior week ending February 17, 2024. This is positive news for sellers, meaning that sellers are generally receiving more money per square foot. There’s never been a better time this year (or within the last year) to sell your home.

What does this mean for buyers? Beat the rush and shop when competition for homes is low. The median sold price per square foot will likely continue to increase through the spring and summer months, which is traditionally the period of highest demand for homes, and also impacted by our low-inventory environment. There’s never been a better time this year to buy a home.

The Median Sales Price trend is pictured below, and it illustrates the story of home prices quickly and easily, spanning the last 10 years. In two words, solid increases. For January 2024, the median sales price came in at $534,500, an increase of 3.8% (or $19,500) from the same period last year.

What does all of this data mean?
While we continue to deal with critically-short home inventory, our market continues to show signs of strength––rising median home prices, climbing sold prices, and an elevated list-to-sales price ratio.

It’s important to hire an agent who has a deep understanding of the local market and a knack for obtaining favorable terms for his or her clients.

Think about it this way: an accepted offer on a home (for a seller or buyer) signifies a meeting of the minds–where the seller obtains what they’re looking for and where a buyer obtains what they’re looking for. Select an agent who understands how to mesh a variety of needs to negotiate a win-win that results in an accepted contract and successful closing.

Have questions about how our local market affects your particular situation? Reach out to us today––we’re happy to share our wisdom, and we’d be honored to serve you.