Let's start with sales volume:
Year over year sales volume is down a whopping 37.3%. Month over month 14.4%. This is primarily due to higher interest rates in combination with higher home values given the run up over the past 3 years. 
Let's look at total inventory: 
Year over year inventory is up an astounding 114.8% while decreasing 1.6% for the month over month. Inventory still sits at about half of where we should be in a "normal" market. 

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Let's look at sales price:
The year over year median sales price is down 5.7% 
and the average sales price is down 4.5%
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Lets check on distressed sales:
They re up 56.9% year over year and monthly over month 8.3%- this will be an important number to watch as we move through the rest of 2024. 
Keep in mind this is still approximately 24/k less than the market burst of 2008-2010 where we saw about half of all listings as REO or short sale. We had approximately 50/k listings at the peak of the housing crisis. 
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Looking at the time it takes to sell a home we are up 43 days year over year and 9 days month over month. 
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Let's look at how interest rates affect demand:
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January by the Numbers With mortgage rates hovering around 7% from mid-October through mid-November, January’s extremely low sales volume came as no surprise. The 4,265 home sales, as reported by ARMLS, were the second lowest sales total for January in the last 20 years, as only 2008 reported fewer sales. January sales were down 37.3% year over year, while the median sales price was down 5.7% year over year but only down 0.5% month over month. Today, mortgage rates have fallen nearly a full point from their peak. On Nov. 10, the 30-year fixed rate was 7.08%. The current 30-year fixed rate, as reported by Freddie Mac, is 6.12%. According to Freddie Mac research, this one percentage point reduction in rates could allow as many as three million more mortgage-ready consumers to qualify and afford a $400,000 loan. Volumes are still well below normal, but they are recovering nicely and promise better times when the Spring buying season gets fully underway. Clearly, buyers now have a lot more enthusiasm than they did in December. Our local housing market has experienced several wardrobe changes over the past year. The primary catalyst for these changes has been mortgage rates. It would be great for mortgage rates to find their happy space and for the market to settle. There are some signals this may be occurring. In the meantime, if rates go up, sales volume will go down. If rates come down, sales will go up. 
Read the full report here: 
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