Activity Is Picking Up, But This Is Still a Patient Market
February Snapshot (Leading into March)
Market Snapshot:
- Active Listings: 17
- Pending Listings: 12
- Homes Sold: 7
- Average Sold Price: $388,000
- Days to Sell: 133
- Average Price per Sq. Ft.: $172.74
- Close Price to Original List Price Ratio: 89%
- Average Days on Market for Active Listings: 95
- Average Price per Sq. Ft. for Active Listings: $162.39
What We’re Seeing
As we head into the spring market, Siena is showing clear signs of increased activity — but it’s still a market that requires patience.
The biggest shift from January to February is what we expected:
Pending activity is now turning into closings.
After a quiet January on the closing side, February saw 7 homes close and 12 go under contract, confirming that buyers are active — they’re just taking their time.
The Pipeline Is Building
The most important number this month isn’t closings — it’s 12 pending homes.
That’s one of the strongest signals we’ve seen in recent months and tells us:
- Buyers are actively making decisions
- More closings are likely in the coming months
- The market is gaining momentum heading into spring
January was the setup. February is the follow-through.
Inventory Is Tightening — Gradually
Inventory has now declined for four straight months:
- November: 31 homes
- December: 26 homes
- January: 20 homes
- February: 17 homes
That’s a meaningful shift, but it’s important to keep it in perspective:
Siena is tightening — but it’s not a low-inventory market yet.
Buyers still have options, which continues to influence how quickly homes sell.
Days on Market Still Tells the Story
Even with increased activity, Siena remains a patient market:
- Homes that sold in February averaged 133 days on market
- Active listings are still sitting around 95 days on market
This reinforces a key point:
Buyers are engaged, but they are deliberate.
Well-priced homes are moving — but not overnight, and not without competition from other listings.
Pricing: Look at the Context, Not Just the Numbers
February’s pricing shows a dip in price per square foot compared to prior months:
- Sold $/ft: $172.74
- Active $/ft: $162.39
At first glance, that could raise concerns — but in Siena, this is often driven by the types of homes on the market and closing, not a sudden shift in overall value.
Pricing continues to vary based on the mix of homes, not a broad decline in demand.
The Takeaway
Siena is heading into the spring market with increasing activity, tightening inventory, and a growing pipeline of pending sales.
At the same time, it remains a market where:
- Buyers have leverage
- Homes take time to sell
- Pricing and preparation matter more than ever
📍One Last Thought
Real estate is hyper-local, and in Siena, conditions can vary from street to street. If you’re thinking about buying, selling, or want to understand how today’s market may impact your home, we’re here to help you make smart, informed decisions.
Stay tuned for next month’s update, and feel free to reach out with any questions about the Siena market!
Kyle Pfaffe | Broker® | 512-636-9707
