"How's the Market" January 6th, 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 shown above.

Speaking from a personal perspective, we couldn’t have closed the books on 2024 fast enough. Professionally and personally, it was a challenging year to say the least. Here’s to hoping that the cold snap, the beautiful snow, and a fresh perspective infuse a brighter new year. ????????

Between Thursday January 2nd and Sunday, January 5th :

• 3 properties came on the market?
• 2 detached properties, ranging from $749,900 to? $2,835,000
• 1 townhouse priced at $950,000?

During? the same period?

• 7 detached properties went under contract
• 1 was under contract in less than 4 days

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?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 ? 85. As further perspective, back on December 31st, there were 118 detached properties in the 30+ days category;?

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

• 61 have been on for 60 days or more?
• 21 have been on the market over 4 months
• The current record-holder is at 494 days on the market .?

As we move forward and create a fresh perspective, I wish you abundant love and laughter shared with friends and family, and a healthy and happy New Year!

Pray for Peace