February 2024
Two months into 2024 and we’re seeing some consistent trends already. Compared to last year, there were 4% more homes for sale this February. New Listings were relatively flat, with one more reported this year over 2023. Units sold were down 31% from last year, but the gap is smaller from the 5-year-average for the month of February. Despite less sales, Dollar Volume remains higher than last year.
Year to Date – January – February
As we see inventory starting to steady and new listings rebounding, we’ll start to see Days on Market level off, as well. So far this year, 45% of homes have sold in 30 days or less. While this is still certainly a great statistic, it is lower than in years past. The homes sold in the 31-60 day range is increasing, showing that buyers are more cautious with immediate purchases. After a big January, there have been 10% more homes sold in 2024 compared to 2023. Average prices and median prices are remaining steady. March has been relatively active, so we’re curious to see how it shapes up compared to last year.
Buyers
Mortgage rates have dropped slightly and all projections look for them to continue to drop. With our early spring, it’s a great time to start your property search! Early spring means more listings hitting the market now instead of in April or May. With total inventory holding steady, we’re finding that buyer competition isn’t as high as it was in the past years. Well-priced homes are still selling quickly, though, so it’s better to start your search early so you’re ready to move when the perfect property hits the market. It’s important to work with a local and experienced agent who can help you navigate the ins and outs of our particular market! Our agents work in real estate full-time, that means they’re fully devoted to their clients and customers.
Sellers
Get ahead of the spring market and list your property now! New Listings will continue to increase as we get closer to summer. Listing your home now puts you in front of buyers who are actively searching to purchase and close prior to summer. April and May are typically the peak months for new listings – listing now gets you out in front of the ‘rush.’ No matter how good the market is, there is no substitute for a great REALTOR. Knowing your agent is local provides peace of mind you can’t get anywhere else! Especially if you’re selling a second home, you need boots on the ground and eyes on your property. Not to mention that you should rely on a local real estate expert to help provide a pricing strategy that works for THIS market. A generic CMA doesn’t cut it! Our agents live and work here full-time, they’re dedicated and devoted to their clients – which could be you!
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