"How's the Market" January 27th, 2025 edition

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“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 highlighted in blue above.

And so the fairy tale season comes to an ugly ending as the Eagles soundly defeated the Commanders…with help from the Commanders. But that’s another story. Truthfully, I’m still a fanboy thrilled with the remarkable season they put together. Onward!

?In the local housing market, we’re seeing signs of a slow thaw, with new listings being slightly outpaced by contract activity.? On the national level, existing-home sales dropped to 4.06 million units in 2024, the lowest level since 1995. This marks the second consecutive year of subdued sales due to persistently high mortgage rates. ?It will be interesting to see if consumers adjust to the reality of rates that are expected to remain in the 7% range.

Between Thursday January 23rd and Sunday, January 26th :

• 11 detached properties, ranging from $599,000 to? $2,449,000
• No? townhouses

During? the same period?

• 12 detached properties went under contract
• 2 were under contract in 7 days or less
• 1 was under contract in less than 3 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. Over the last four months, this segment of the market has been where the bulk of contract activity has taken place.

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. In 2024, there were 105, and as of today, that number has dropped to? 71. As further perspective, back on December 31st, there were 118 detached properties in the 30+ days category;?

39 of these homes are priced under $1,000,000, and of those, 23 had at least one price reduction.?

• 51 have been on for 60 days or more?
• 25 have been on the market over 4 months
• The current record-holder is at 515 days on the market.

?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?