August 2024
August saw several improvements in statistics over August 2023. Total Active Inventory continues to increase to more ‘normal’ levels, with 228 reported in August 2024. New Listings for August 2024 were up from last year, with a 9% increase. New Pending Sales were also up last month in comparison to last year. Units Sold also saw an increase, coming in 30% over August 2023. This is the first month in quite some time where all of these data points saw positive increases over the previous year.
Year to Date – January – August
Look at the year so far, most of the data points are relatively flat when comparing to the same time frame last year. Average Sales Prices remain steady compared to last year, and Median Sales Prices remain steady, as well. Days on Market continues to be fast-paced for most homes, with 52% of homes selling in 30 days or less, and 31% of homes selling in 10 days or less. All but six homes sold within a year. About 1/3 of buyers are purchasing with cash.
Buyers
Fall is a great time to buy! Many homeowners are hoping to offload their property before the end of the year and we’ll start seeing price reductions. There are also going to be new listings coming on after ‘one last summer’ – so don’t give up if you’ve been looking for a few months! Mortgage rates have also dropped with more drops projected before the end of the year. More than ever, it’s important to work with a local and experienced REALTOR! Your REALTOR doesn’t just open doors and show you property. They use their expertise to help select the best properties for your needs now and in the future, work as your expert negotiator when in the contract phase, and have the local connections to offer the best recommendations for service providers and beyond.
Sellers
Don’t miss the fall market! Buyers are still actively searching for their perfect home. Take advantage of the ‘slower’ season and lower interest rates by listing now and get your home sold before the end of the year. As always, pricing remains crucial to your listing strategy as active inventory trends to a more ‘normal’ level. Remember – Average Days on Market is still very low! That means buyer activity remains high. Give your home the best possible presentation by listing with an experienced and local agent at Railey Realty! Not only do our agents live and work here full time, but they offer years of knowledge, professional in-house photography, aerial photography, social media exposure, direct mail campaigns, and so much more. Our Proven Marketing Strategy offers real results!
Ready to get started? Fill out this online contact form or call our office seven days a week to get connected with an agent today.
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