Are Local Real Estate Markets Unique? ??

Whether you're looking to buy, rent, or sell a home or simply enjoy staying informed, this report has something for you!

And for those who have asked,?no, this is not automated.

That's right,?I type out every word you see (unless there's a typo, then?it's automated???).

Weekly Market Report, February 5th-11th, 2024 ??

• Listings Continue to Climb.?Philly Metro had 1,416 new listings the week ending February 11th, a +8.8% increase over last year, signaling welcome news for the supply situation that has been frustrating buyers in recent years. While this is great news for prospective buyers,?expect?supply to remain tight, as a large pool of potential buyers?will continue to?come back to market in the spring, countering new inventory levels.
• New Purchases Increase.??New Purchase Contracts were up +6.2% compared to the week prior, a sign that busy season has already begun.? Expect the buyer market to keep growing and competition to heat up as we enter spring.? Warm weather and a new school year are on the horizon!
• Time to Contract Tightens.?The median time to contract was 18 days for the week ending February 11th, a -3 day change from the week prior. This is the fourth week in a row of drops in time to contract, a sign that buyer competition is getting stronger by the week.

TLDR: New Listings Increase, but so did buyer competition.? Expect this to continue into Spring.? It's shaping up to be another housing frenzy come May.

DB Education Corner

While it may seem obvious, there is a direct correlation?between available inventory and home prices?(sorry Northeast USA).

If you look at the map above, you can see that there is a large discrepancy in inventory levels across different areas of?the country.??

The central United States, especially Texas, saw a sizable increase in inventory levels from 2019-2024, while the rest of the country generally saw a large decrease.? It's no coincidence that the the shift in pricing from 2022-2023 directly correlated with that trend.? Sales prices in the center of the country fell as far as 7% last year, while prices in the rest of the country rose by similar amounts.

Why am I sharing this with you?

It shows that local real estate markets exist and it's important to get accurate information from experts who understand?those markets.? If you turn on the news or read national articles, it usually states that the real estate?market is performing in one way, and that way only.? However, every local market performs uniquely, even within a few miles of each other (think city vs. suburbs).

While preparing to make perhaps the largest financial investment of your life, make sure you are getting your information from an accurate?and informed?source (me???)!

I'm always happy to share my opinions and analysis, which are always?based on up to date, accurate?data.?

Just ask!

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Shoot me a message or call to discuss!

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