"How's the Market" July 1st, 2024 edition

"Perseverance is not a long race; it is many short races one after the other".

??????????????????????????????????????????????????????????????????????????????????????????????????????????????????―Walter Elliot

“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.

The first half of the year is over, and the results are being compiled for review and analysis to glean insights into what? the second half of the year might bring. I’ve been tracking market activity over the typically busiest days of the weekend (defined as Thursday to Sunday for these purposes). My quick review of the stats I track in the downcounty portion of Montgomery County (shown in blue on the map above) reflect a very unpredictable ebb and flow, week in and week out, and I expect the tumultuousness to continue for teh duration of the year.

?April was the peak of market activity for the first half of the year, with 95 new detached listings and 84 properties going under contract. New listings have been surpassed by properies going under contract three out of the last six months.? 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. And to further drive the point home (pun intended) look at how quickly properties are going under contract.?

???????????????????????Between Thursday June 27th and Sunday, June 20th :

• 15 properties came on the market?
• 12 detached properties, ranging from $549,900 to? $2,150,000
• 3 townhouses, ranging from $299,999 - $899,000

During? the same period?

• 26 detached properties went under contract
• 10 of those were under contract in 7 days or less, and
• 6 of those 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. That number has been fluctuating again, and now stands at 80.

48 of these homes are priced under $1,000,000, and of those, 27 had at least one price reduction.?

• 36 have been on for 60 days or more?
• 12 have been on the market over 4 months
• The current record-holder is at 229 days on the market? ( the previous had climbed to 495)

??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 pace of the market ahead.?

Pray for Peace

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#realtor #Silverspringliving #homesforsaleinsilverspring #thekensingtongroup #shiftingmarket #rlahrealestate #howsthemarket

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