"How's the Market" March 4th, 2024 edition

“Look beyond appearances.Things are not always as they appear.” – Robert L. Clark

“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.

One of the advantages of being hyper-focused on a specific geographical area and tracking specific data is recognizing emerging trends. Everyone knows that historically in real estate, the spring market was tied to the school calendar. Realtors, lenders, and title companies know that over the last five years +/-, the spring market has emerged earlier and earlier in an effort to create opportunity in a scarce environment. Ten years of demand outstripping supply can’t be erased in one cycle, but for those who must buy or sell, spotting these trends can help ensure the desired outcome. Reach out to me if you’d like to understand how the decrease in the number of properties on the market for more than 30 days will impact the rate of contract activity.

???????????????????????Between Thursday February 28th and Sunday, March 3rd :

• 20 properties came on the market?
• 17 detached properties, ranging from $395,000 to? $2,395,000
• 3 townhouses ranging from? $340,000 to $1,568,900?

During? the same period?

• 14 detached properties went under contract
• 7 of those were under contract in 7 days or less, and
• 5 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. Today, that number has decreased again, and now stands at 42.

15 of these homes are priced under $1,000,000, and of those, 9 had at least one price reduction.?

• 27 have been on for 60 days or more?
• 15 have been on the market over 4 months
• The current record-holder has climbed to 397 days on the market - a full year and counting!?

?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 year ahead.?

Pray for Peace