"How's the Market" November 25th, 2024

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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 case you didn’t realize the impact on new inventory during Thanksgiving week, four (4) detached properties hit the market, and zero townhouses. And if you’re curious about the buying appetite, seventeen detached properties went under contract during the same four day period, and six were under contract within 4 days of hitting the market. The average days on market climbed again and is currently at 59 days. In contrast,? contract activity increased 25% over the week prior, and once again outstripped the number of new listings during the same period.

???????????????????????Between Thursday November 21st and Sunday, November 24th :

• 4 properties came on the market?
• 4 detached properties, ranging from $569,000 to? $1,999,950
• No townhouses - none.

During? the same period?

• 17 detached properties went under contract
• 7 of those were under contract in 7 days or less, and
• 6 of those was 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 fluctuated over the past month and has recently decreased to 126.

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

• 74 have been on for 60 days or more?
• 21 have been on the market over 4 months
• The current record-holder is at 452 days on the market .?

If you’ve made it this far, thanks for hanging in there with me, I’m grateful for you. May your table be full, surrounded by family and friends, and love and laughter abound.

Happy Thanksgiving!

??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.?