July 2024 GCAAR Report: Cumulative Market Reports

In the Greater Capital Area Association of REALTORS
(GCAAR) area, the median sold price for residential
properties for July was $648,270, representing a decrease of
2.5% compared to last month and an increase of 6.1% from
Jul 2023. The average days on market for units sold in July
was 25 days, 15% above the 5-year July average of 22 days.
There was an 11.6% month over month decrease in new
contract activity with 1,424 New Pendings; an 11.9% MoM
decrease in All Pendings (new contracts + contracts carried
over from June) to 1,680; and a 1.7% decrease in supply to
3,387 active units.
This activity resulted in a Contract Ratio of 0.50 pendings per
active listing, down from 0.55 in June and a decrease from
0.71 in July 2023. The Contract Ratio is 35% lower than the 5-
year July average of 0.77. 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.