Hello again,
Everyone is asking what will happen with the real estate market in 2024. Well, my crystal ball has been cracked for quite some time but I can pass along what is actually happening. January saw a lot of the same as previous months. Average sales price stayed pretty much the same as the end of last year. Total sales for January were slightly down which was expected but pending sales were up over 1,000 sales over the previous month. I am seeing a little more confidence in buyers with the latest fed announcement of possible rate decreases throughout the year. The only numbers that really caught my eye was average days on market (26) up from its low of (9) in June 2023. Inventory (number of homes for sale) has pretty much stayed the same. This will be the interesting statistic to watch as we enter the Spring market. If sellers sit on their 3% interest rates and more buyers get off the fence we could see ourselves in a lot more multiple offer situations. On the other hand, if we see more people selling and cashing in on their equity we should see a very balanced market with slower but still positive appreciation.
See full market statistics attached below and don't ever hesitate to reach out if you have any questions about your home value, market conditions or a real estate related referral.
https://fmls.stats.showingtime.com/infoserv/s-v1/6phV-NQw
https://fmls.stats.showingtime.com/infoserv/s-v1/6phk-qsU
https://fmls.stats.showingtime.com/infoserv/s-v1/6ph6-n8X
https://fmls.stats.showingtime.com/infoserv/s-v1/6ph1-mVh