September 2024
September was a relatively quiet month, with only slight deviations from 2023 statistics. The only substantial change is that Active Inventory was 38% higher than last year. This is a sure sign that the market is stabilizing after years of low inventory. There were 43 homes sold in September 24 compared to 42 in September 2023 and 47 New Listings in Sept. 24 compared to 48 New Listings in Sept. 23. New Pending Sales were down slightly, with 38 in Sept. 24 compared to 45 in Sept. 23 for residential properties. Days on Market increased slightly for homes sold in September, rising 8%. Overall, September was relatively level with last year.
Year to Date – January – September 24
Looking at the year so far, 2024 is pacing fairly level for 2023 for homes sales. In fact, most of the statistics are within 5% of 2023. The majority of homes are still selling in 30 days or less, but we are beginning to see more even distribution from 0-360 days on the market. The largest ‘section’ for Days of Market is still 1-10 Days, with 99 homes selling in that date range. There were also roughly 30% of homes that were purchased with cash so far in 2024. With average sales prices and total home sales holding steady, it shows that the market is well balanced and at our new ‘normal’ in contrast to the frenzied years of 2020-21.
Buyers
With mortgage rates projected to drop, and inventory continuing to increase, it’s a great time to look for a home! While fall and winter may not seem like the most ideal time to purchase a home, you’ll generally find less buyer competition during this time of year. Sellers on the market will also be more willing to entertain price reductions and any offers now that the busier summer season has passed. It’s also generally much easier to tour homes during this time of year, especially if you’re looking at established vacation rentals, because the rental schedule it’s as booked.
Sellers
Active Inventory continues to rise – don’t wait to list your home! Days on Market is always a great indicator of market activity – most homes sell in 30 days or less! Even more so, the larger majority sell in less than 10 days. What’s the secret? There are a few ways to set you home up for success in this market, but above all else, pricing is absolutely key. The best decision you can make when you’re ready to sell your home is to work with an experienced and local agent! Not only do our agents work in the area full time, but they’re also experts in our unique local market. Selling a home at Deep Creek is much different than selling a home in Pittsburgh or Baltimore! Access types (like Lakefront, Lake Access), docks slips, easements, HOAs – they’re all part of how you build your pricing strategy. If you’re not working in this market you may not know exactly what’s on the market, what has recently sold, and where your home fits in. Our agents are happy to take referrals if you have an at-home agent you love! Don’t risk your home’s first impression on the market!
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