January 2024
The new year is off to an interesting start! As we head into 2024, the 5-year-averages will now mostly include the COVID boom numbers, which will start to skew the results. While we’ll still compare to some of these numbers, looking at the immediate past year may create a more realistic picture as our market stabilizes to its new normal.
This past January, closed sales were up compared to the 5-year-average for the month, with 35 in January 2024. New Listings were also up 10% from the 5-year-average, with 43 in January 2024. Total Active Listings remain lower than the average, but the number has remained fairly steady, with 128 active residential listings reported in January 2024. New Pending Sales were down, both from the 5-year-average and compared to last year, with 32 reported in January 2024. Average Days on Market remains lower than years past, but fairly level with last year and the 5-year-average.
With only one month to look at, we don’t have an exhaustive amount of data, but still some interesting stats to look at. Home sales in January 2024 doubled compared to January 2023, and there were several more townhomes and condos sold this year when compared to last year. Average sales prices and median sales prices remained relatively flat, with only small deviations in either direction.
Buyers
The market remains steady as we head into 2024. Mortgage rates are projected to continue to drop gradually throughout the year. As we head into what looks like an early spring, it’s a great time to purchase property! Looking for your next home now means you’ll most likely close on your home or property in the spring when the weather is more favorable. Plus, you’ll be in and settled before summer! There also tends to be less buyer competition during late winter and early spring – meaning you could snag the perfect property without worrying about multiple offer situations.
Sellers
With inventory down and spring coming ‘early’, listing your property now will get you out in front of buyers sooner rather than later. Waiting for ‘listing season’ means your home could get lost in the shuffle of the new listing surge in April and May. Buyers who want to be settled in their new home before summer are currently looking for their perfect spot. As the market shifts to a more ‘normal’ level, it will take more than just putting your home on the MLS to get it sold. Working with an experience local agent makes all the difference. Pricing your home remains the most important factor when you’re ready to sell. Pricing strategy should include much more than just generic market comps! Again, only a knowledgeable and local agent can give you more accurate picture and pricing range that’s specific to your property. On top of the that, the agents at Railey Realty set a high standard for our listings, including professional photography, social media exposure, direct mail campaigns, and so much more. It’s all standard for every listing!
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