"How's the Market" December 30th, 2024 edition

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Can you believe we’re reaching the end of one year and the beginning of a new one? Did your year drift by, or did you wake up one day and realize 2024 was almost behind us? How do you reflect on the year; are you counting achievements or milestones? Wins and losses? Or maybe you’re recognizing that life truly is finite, you’re no longer invincible, and there’s a deeper meaning to taking life day by day. No matter how you measure it, I hope that a standard bearer for you is the value of? relationships; maintaining existing ones, and creating new ones. I’m fortunate that the part of my career that I love the most is being a facilitator of a critical component of relationships in life - the home that serves as the center most people’s lives. I appreciate? the opportunity to help clients purchase their very first home or to? sell a house that has been in the same family for decades. As you establish your own milestones in the coming year, I encourage you? to cherish the moments in between. Life isn’t just about the wins or losses; it’s about the journeys, the conversations, and the connections we make along the way.

Wishing you a joyful and fulfilling 2025 filled with new milestones, meaningful relationships, and plenty of reasons to celebrate.

“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.

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Between Thursday December 26th and Sunday, December 29th :

• 2 detached properties, one priced at $699,000 and one at? 1,150,000
• 0 townhouses

During? the same period?

• 2 detached properties went under contract
• Both had been on the market for over 45 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. That number has fluctuated over the past month,? and even this segment of the market is feeling the holidays. On December 1st, there were 117 detached properties in the 30+ days category; that number now stands at 118.

52 of these homes are priced under $1,000,000, and of those, 30 had at least one price reduction.?

• 64 have been on for 60 days or more?
• 24 have been on the market over 4 months
• The current record-holder is at 487 days on the market .?

If you’ve made it this far, thanks for hanging in there with me, I’m grateful for you.? No matter the holiday you observe, here’s wishing you lots of love and laughter shared with friends and family, and wishing you a healthy and happy New Year!

?I hope that you find some measure of value, whether for your own understanding or for general cocktail conversation. Market data can only get you so far, you need a guide (like me) to use it to your best advantage. If you’re contemplating venturing into the market, whether selling, buying, or investing, I’m here to help make sense of the shifting market.?

Pray for Peace?