"How's the Market" April 15th, 2024 edition

“Do the right thing, do the best you can, and Always show people you care. You’ve got to make a sincere attempt to have the right goals to begin with,?then go after them with appropriate effort, and remember that you can’t really achieve anything great without the help of others..? ? —Lou Holtz

“How's the Market?" is the question most frequently asked of us Realtors, and with good reason. The housing market is a reliable indicator of the overall health of the economy, regardless of whether you're buying, selling, or investing.? I'll continue answering the question by sharing Monday morning updates on housing market activity in the geographical area shown above.

Was the plunge in new listings over the last two weeks an anomaly or temporary pause? Let’s hope that the strong rebound this week is merely the start of the much needed spring flourish of new listings we’ve all been hoping for. Simultaneously, the number of properties going under contract continues to keep pace with the new listings. Over the last sixteen weekends (defined as Thursday to Sunday for these purposes), there have been ten times that contracts have exceeded new listings. Think about that for a minute; in a market that has seen over three years of less-than-normal supply of homes hitting the market, the? demand continues to outpace the supply. And as you recall from Econ 101, when demand exceeds supply, prices rise.?

???????????????????????Between Thursday April 11th and Sunday, April 14th :

• 27 properties came on the market?
• 23 detached properties, ranging from $475,000 to? $1,925,000
• 4 townhouse ranging from $475,999 to $895,000

During? the same period?

• 20 detached properties went under contract
• 11 of those were under contract in 7 days or less, and
• 10 were under contract in less than 4 days

????????????Homes that have been on the market for 30 days or more.

In order to provide a more thorough overview of the market, I've been tracking another category that is often overlooked by buyers just entering the market. Homes that have been on the market for more than 30 days represent overlooked opportunities for buyers as sellers feel the pain of overpricing and are then forced to correct their pricing as they chase the market down.?

In the first week of 2022, there were 32 single family homes in the 30+ days category. In the first week of 2023, that inventory stood at 93. Today, that number has nudged upward to 50.

19 of these homes are priced under $1,000,000, and of those, 10 had at least one price reduction.?

• 29 have been on for 60 days or more?
• 16 have been on the market over 4 months
• The current record-holder has climbed to 439 days on the market - a full year and counting!?

?I hope that you find some measure of value, whether for your own understanding or for general cocktail conversation. This volatile market requires? intimate knowledge of shifts within the market, for sellers, and buyers alike.? In spite of, or more accurately - because of -? all the wildly mixed housing reports out there, you need to know how to proceed in 2024 and I’m here to help.

Pray for Peace?

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