August 2024 GCAAR Report: Cumulative Market Reports

In the Greater Capital Area Association of REALTORS
(GCAAR) area, the median sold price for residential
properties for August was $635,000, representing a
decrease of 2% compared to last month and an increase of
6.2% from Aug 2023. The average days on market for units
sold in August was 26 days, 10% above the 5-year August
average of 24 days. There was a 15.8% month over month
decrease in new contract activity with 1,199 New Pendings; a
13.5% MoM decrease in All Pendings (new contracts +
contracts carried over from July) to 1,454; and a 1.4% increase
in supply to 3,436 active units.
This activity resulted in a Contract Ratio of 0.42 pendings per
active listing, down from 0.50 in July and a decrease from
0.53 in August 2023. The Contract Ratio is 40% lower than
the 5-year August average of 0.70. A higher Contract Ratio
signifies a relative increase in contract activity compared to
supply, and indicates the market is moving in the seller's
favor. A lower Contract Ratio signifies a relative decrease in
contract activity compared to supply, and indicates the
market is moving in the buyer's favor.