March 2024
Comparing this year to last year, March 2024 saw several improvements in many different areas. New Listings were up nearly 30%, with 62 new homes listed in March 2024 compared to 48 in March 2023. Total Active Listings were also slightly higher, with a 10% increase over 2023. Total Homes sold were up slightly, with 3 more selling in March 2024 than in March 2023. New Pending Sales were also up, seeing a 20% increase over last year. Overall, this paints a very active market, especially for this time of year. An early spring is normally a good indicator of an ‘early’ listing season and that seems to be true this year.
Year to Date – January -March 2024
Overall, the real estate market in 2024 has been stronger in many areas when compared to 2023. Total homes sold is almost 10% higher than in 2023, with average and median prices remaining steady if not slightly elevated. Those statistics, along with dollar volume, can certainly be skewed with $1M+ sales, and that’s the case for us so far in 2024. We’re still seeing the majority of properties close in 30 days or less, but it’s becoming more spread out as some homes sit on the market longer.
Buyers
Don’t wait! Even if you’re not planning to purchase for 6-8 months, getting started early will only benefit you down the road. If you’re looking to be in your new home before summer, now’s the time to get active! Pairing yourself with a local REALTOR is crucial in our market for several reasons. Having your agent live and work in the area you’re purchasing will mean they’re available for virtual appointments with little notice, available to meet inspectors or vendors, and most importantly – they KNOW this market! Your agent is here to protect your interests and negotiate on your behalf. Just like you wouldn’t take sight-seeing advice from a friend who’s never been somewhere, you wouldn’t want to trust a purchase of this size to someone unfamiliar with the area, local laws and restrictions, and who may be unavailable to be your ‘boots on the ground’ when needed.
Sellers
Strong buyer activity is the best indicator that it’s still a great time to sell! Despite higher mortgage rates, we’ve seen sales increase in 2024 over 2023. Not only that, but home values have remained steady in most sectors of the market, and increased in more lake-oriented sectors. All signs point to an active spring and summer! If you’re considering selling, take advantage of the early spring and get your property in front of buyers who want to be in their new home by summer. The expert agents at Railey Realty are not only truly local and full-time REALTORS, but they also have the experience and knowledge to guide you through the listing process for our particular market. You need boots on the ground when you’re selling your home. What happens if the lockbox malfunctions? Who has an extra key? Is the sign still up after the last storm? While these seem like innocent enough scenarios, there is nothing that can replace someone minutes from your home that’s as invested in the sale of your home as you are! If have a hometown agent you want to support, our agents are happy to take referrals and work with them!
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