Siena Real Estate Market Report – January 2025

The Siena housing market started the new year with a slight slowdown in sales activity but continues to show resilience. With a mix of price adjustments and steady buyer interest, let’s break down the latest market trends and compare them to previous months.

Market Overview

Active Listings: 21 (down from 24 in December)
Pending Listings: 8 (up from 5 in December)
Closed Sales: 5 (down from 8 in December)
Average Sold Price: $380K (down from $419K in December)
Days to Sell: 71 (up from 40 in December)
Average Price per Sq. Ft. (Sold): $179 (holding steady from December)
Average Days on Market for Active Listings: 89 (down from 119 in December)
Average Price per Sq. Ft. (Active Listings): $190 (steady from December)

Key Takeaways & Trends

Sales Activity Slows, But Pending Listings Increase: The number of closed sales declined in January, but an increase in pending listings suggests that more sales may be finalized in the coming months.
Home Prices Adjust: The average sold price dropped to $380K, reflecting a shift in the mix of homes selling rather than a sharp decline in home values.
Homes Taking Longer to Sell: The days on market for closed sales increased to 71, indicating that buyers may be taking more time before making a purchase decision.
Inventory Shrinking: The number of active listings has been gradually decreasing, which could create more competition for buyers if demand picks up in the spring.
Stable Price Per Square Foot: Despite fluctuations in overall sales prices, the price per square foot has remained consistent over the past two months, suggesting home values are holding firm.

Looking Ahead

While January saw a drop in closed sales, the increase in pending listings indicates that buyer interest remains active. With inventory continuing to decline, the coming months could see increased competition among buyers, especially as we approach the typically busier spring market.

If you’re thinking about selling, now is the time to prepare. With fewer homes on the market and buyers still making offers, a well-priced and well-marketed home could attract strong interest.

Stay tuned for next month’s update, and feel free to reach out with any questions about the Siena market!