321GO! State of the Market - 11/2024!

Hey - it’s Joe.

It’s that time of the month: State of the Market! Let’s dive into Octobers numbers so you have an idea of where the market is and how it may affect (effect?) your plans.

Enjoy 3 market insights, 2 things to look out for this month, 1 prediction, and an action you can go take this week.

Estimated reading time: 4 minutes, 31 seconds

?Three market insights ?

1_ Median Prices are Soaring

The median price for October 2024 climbed to $720,000, up 2.9% from last month and a significant 10.8% compared to October 2023. This jump reflects strong demand, especially in the mid-range market, where most buyers are competing.

2_ Buyers Are Gaining Some Leverage

The average discount decreased to 1.6%, down from 2.1% last month and 2.2% a year ago. While sellers are still in a strong position, this smaller discount suggests that buyers are negotiating more effectively in specific situations.

3_ More Homes Are Under Contract

The number of homes in contract surged to 343, an impressive 25.2% increase from September. This uptick indicates that buyers are back in the market and committing to purchases, possibly motivated by stabilizing prices and anticipation of future rate changes.

WHAT THIS MEANS:

For sellers, the strong growth in median prices and increasing buyer activity signal a great time to list your home, especially if it’s in the mid-range market where competition is fierce. For buyers, the smaller discounts and more homes going under contract mean it’s essential to act quickly to secure the right home before prices climb even further.

Check the table below to see last months main metrics, the month over month change and year over year change.

?Two things to look out for this month ?

1_ A Surge in Year End Activity

As we move closer to the end of the year, many buyers and sellers aim to close deals before the holidays or year end tax deadlines. This can create a flurry of last minute activity, making the next few weeks crucial for anyone considering a move.

2_ Fewer Homes Entering the Market

With the holiday season approaching, new listings typically slow down, meaning inventory could shrink further. Buyers may need to act quickly to secure a home, while sellers can benefit from reduced competition.

WHAT THIS MEANS:

For buyers, it’s critical to stay ready and act quickly, as year-end activity and limited inventory could make finding the perfect home more competitive. Sellers, this is your moment to stand out in a less crowded market and potentially attract highly motivated buyers. Both sides should plan strategically to make the most of the current conditions.

?One prediction ?

Taking an easy one this month: as we head into November/December, I predict we’ll see a slight cooling in overall market activity due to seasonal trends. However, the buyers and sellers who remain active will likely be highly motivated, resulting in quicker transactions for well-priced homes. Expect the average price to hold steady near $760,000, driven by strong year end demand and limited inventory.

Let’s see if I’m right! Who’s with me?! Click the big red button to VOTE!

760 or more/less?

Last Month's Prediction: How Did We Do?

I predicted that prices would hold strong through October, staying above $750,000, and the market didn’t disappoint. The average price rose to $762,000, a 0.5% increase from last month and well above the predicted threshold. The market continues to show resilience, with rising prices and strong buyer activity heading into the holiday season!

?Action to go take ?

Time to GO Plan Your Real Estate Goals for next year!

As the year winds down (and the election is over!) it’s the perfect time to think about your real estate goals for 2025.

Are you planning to buy, sell, or invest next year? Let’s sit down for a quick review to map out your strategy and make sure you’re ready to hit the ground running when the market picks up in January.

Simply reply to this email or give me a call to schedule your 2025 Real Estate Planning Session—let’s get ahead of the game!

?P.S.

This is not included in my above estimated reading time…but here’s a quick recap on what I have going on!

• Met with a homeowner yesterday that needs some help. Long story short, may have a really nice house hitting the market soon- single family detached, 10309, fully renovated, inground pool, big lot. The catch? Has a violation, needs some finishings, could be a little complicated. But I think the buyer will come out a winner. Let me know if you like headache deals that end up in the green with some leg work!
• Might do a big “black friday” price drop for 35 City Boulevard!
• Every single “Open House” sign that my brokerage has is currently stuck in my trunk. It won’t open, and no one knows why
• My investor (Flipping Staten) has been on a buying kick lately. Tons of stuff incoming. Get ready!

And that’s that! See you next Sunday - Joe

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