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

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? ‘ The vote is the most powerful nonviolent tool we have.’?

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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.

This past weekend’s activity affirms that the holiday slowdown has begun. Another decrease in new listings, another week of days on market growth, and another period of contract activity surpassing new inventory hitting the market. Over the last four months contract activity has exceeded the pace of new listings by 75%, and yet inventory is gradually increasing. It will be interesting to see what the post-election activity level brings.

The local trend is consistent with what we’re seeing on a national level; the number of homes for sale in October rose 29% year-over-year. That’s 12 consecutive months of inventory growth. And as Econ 101 taught us, when supply increases and demand cools, prices decline. Prices declined 3.1% from August to September.??

???????????????????????Between Thursday October 31st and Sunday, November 4th :

• 18 properties came on the market?
• 11 detached properties, ranging from $459,900 to? $2,699,999
• 7 townhouses, ranging from $340,000 - $1,404,158

During? the same period?

• 16 detached properties went under contract
• 1 of those were under contract in 7 days or less, and
• 1 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 increased to 133.

77 of these homes are priced under $1,000,000, and of those, 50 had at least one price reduction.?

• 61 have been on for 60 days or more?
• 20 have been on the market over 4 months
• The current record-holder is at 456 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?

In the last 7 days, there have been 108 new detached listings that have hit the market in Montgomery County, and 104 properties have closed. The market continues to flow, and there's still time to get you into a new home for Thanksgiving, let's talk!