November 2024 Market Insights: Navigating the Shift to a Buyer's Market

As we dive into November 2024, the real estate market is experiencing some exciting changes. Whether you're looking to buy or sell, here's what you need to know to stay ahead of the game.

More Choices for Buyers

If you're house hunting, you're in for a treat. The number of available homes has skyrocketed. We've got 21,368 active listings now, up 40% from 15,247 last year. More options mean you can be choosy and negotiate better deals. Imagine walking into a store with endless shelves and everything you could want—you get to pick the best.

Pending Sales: The Current Buzz

Pending sales, those homes under contract but still need to be closed also show some movement. They're up 6.8% from last year, with 4,349 pending listings. But compared to the previous month, there's been a slight dip of 4%. This tells us that while people are still buying, they're being more careful and taking their time to make decisions.

Closing the Deal: More Homes Sold

Great news for sellers: more homes sold this past month than last year. Monthly sales hit 5,826, an 11.9% increase from 5,205. You will likely attract serious buyers if your home is priced right and looks good. For those looking to buy, this active market means you'll need to act fast to snag a good deal.

Price Trends: A Mixed Bag

Prices have been all over the place but mostly stable. The average price per square foot is now $290.64, slightly down from $293.60 last year but up 2.1% from last month's $284.64. The median sales price is rising at $450,000, up 3.4% from $435,000 last year. Buyers, this is your cue to negotiate with confidence, and sellers, it's time to highlight what makes your property unique.

Welcome to a Buyer's Market

We've officially entered a buyer's market. So, what does that mean? Simply put, there are more homes for sale than there are buyers. This gives buyers the upper hand, letting them negotiate for better prices and more concessions. The Cromford? Market Index (CMI) has dipped below 90, signaling this shift. Think of it like a flea market where sellers are eager to make a deal—plenty of room to haggle.

Supply and Demand: The Balancing Act

There's been a slight uptick in demand, but thanks to rising interest rates, it could be more robust than sellers hoped. Meanwhile, the supply of available homes has surged by 40%. This means buyers have many options, and sellers must be more competitive with their pricing and offers.

Pricing Roller Coaster

Prices have bounced back after a dip in September but have been volatile overall. The contract ratio, which measures how many homes are under contract compared to how many are available, has dropped from 37 to 32 in October. This cooling trend suggests both buyers and sellers should stay flexible and informed.

Cooler Market Vibes

The falling contract ratio means the market is cooling off. Whether you're buying or selling, it might be time to bundle up with a solid strategy. As the market is getting chilly, keeping a close eye on the trends is a good idea.

Right now, the real estate market favors buyers, with more homes to choose from and better negotiating power. Sellers will need to adjust their strategies and expectations to attract buyers, while buyers can enjoy the advantage of having more options and the ability to strike great deals.

Stay informed, stay flexible, and make the most of this unique market shift, whether buying or selling. Happy house hunting or selling!