April 2024
Looking at April 2024 compared to April 2023, there are several improvements over last year, and some deviations from the trends we’ve been seeing. Active residential listings was 25% higher than last April, showing that inventory is starting to rebound and remain higher. New Listings were relatively flat, but we’ll most likely see that ‘made up’ in May, as May and April tend to be highest volume for new listings each year. Homes sold was also flat, with 32 in April 24 and 31 in April 23. New Pending Sales were down when compared to last year.
Year to Date – January – April 2024
Looking year to date, the market is showing increases in a few sectors over last year. Total units sold are up 8%, which is a great sign that buyers are indeed still active despite external factors like mortgage rates. Average prices and median prices have increased over last year, in turn making total sold dollar volume 25% higher than last year. Homes are beginning to sit on the market for longer periods of time, but the majority are still selling in 30 days or less.
Buyers
With total active inventory rising and remaining steady, you have more options than ever if you’re in the market. This increase will shift the market from a seller’s market into more of a ‘middle ground’ market. Working with a REALTOR is more important than ever, especially when it comes to contract negotiations and choosing the right property for your needs and lifestyle. Even the most savvy buyer will want and need the expertise of a local REALTOR – from knowing the ins and outs of regulations to navigating HOAs to understanding how best to negotiate and present an offer. Don’t settle on a purchase as big as this!
Sellers
Buyers are still active in our market and average prices continue to increase – both things point towards a good time to sell! Pricing your property in today’s market is more important than ever. No matter how spectacular or unique the property, buyers are more savvy than ever, and they want to get the best value for their purchase. Selling your home should be much more than just taking photos and putting a sign in the ground. That’s where the dedicated local agents at Railey Realty come in! Get paired with an agent that will work tirelessly on your behalf to market your property, be your boots on the ground, and keep your best interests at the forefront of the decision making.
Ready to get started? Call our office 7 days a week or fill out an online contact form to get paired with an agent today!
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