February 2024 Market Update

I am still surprised at the resiliency of the pricing in our market. Resort markets like ours are holding strong because of the desirability of the location and amenities, which keep demand very high. With high demand, the competition keeps the pricing competitive, even with STR restrictions, increased interest rates, and increased taxes.

Average and median sales prices, using trailing 12 month analysis, are steady:

Median price is $999,000.

Average price is $1.29m.

Number of Sold Properties per month is LOW! Only 60 in January.

The interactive chart demonstrates that January historically has the lowest amount of sales.

January did have 81 pending transactions, which means that we will continue to see steady sales at these lower sales volume numbers.

Days on Market is up to 39. We are seeing some listings move slowly and others fly off the market. Location is the main factor and nicely done updated units sell faster.