"How's the Market" July 8th, 2024 edition

"You have power over your mind – not outside events. Realize this, and you will find strength.”.

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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.

?In the downcounty portion of Montgomery County (shown in blue on the map above) I’ve been tracking market activity over the typically busiest days of the weekend (defined as Thursday to Sunday for these purposes). And while this was a major holiday weekend, I was stunned by just how drastic the market slowed down. We went from 35 new listings the weekend of June 6th, and steadily dropped to the low of 7 July 4th weekend. That’s compounded by the weekly trend of properties going under contract outpacing the number of new listings.??

In the downcounty portion of Montgomery County I track, 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.? June closed out the first half of the year with 81 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 July 4th and Sunday, July 7th :

• 8 properties came on the market?
• 7 detached properties, ranging from $420,00 to? $2,350,000
• 2 townhouses, one priced at $699,000 and one priced at $1,650,000

During? the same period?

• 10 detached properties went under contract
• 1 of those were under contract in 7 days or less, and
• 1 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 87.

48 of these homes are priced under $1,000,000, and of those, 29 had at least one price reduction.?

• 42 have been on for 60 days or more?
• 12 have been on the market over 4 months
• The current record-holder is at 337 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 pace of the market ahead.?

Pray for Peace