How’s the market?
Overall, the market is slow, but steady. Slow because we have seen a drop off in the number of homes for sale, and therefore closings, when compared to the past few years. Steady because well priced properties continue to sell, some with multiple offers.
Sales activity has slowed in recent weeks but that is typical for this time of year, especially in an election year. On average properties are selling in a little over one month, an uptick from the past several years. We are on target for an average number of homes sold in 2024 (around 36 homes). Month’s supply remains around 2 months, a sign that there is a slight seller’s advantage in the market. However, as inventory ticks slowly upward, the market is inching in the direction of a buyer’s market. As for supply, quality inventory priced under $2M remains scarce, and recently upgraded move-in ready homes in the mid $2M range and over continue to draw the most attention. Multiple offers still represent a little over 25% of the sales, and price reductions make up the majority of closed sales with an average discount of $58,000 or around 2% of the last list price.
With fewer sellers willing to give up low mortgage rates and a lower property tax basis, I expect market conditions to remain for the foreseeable future. This is the much talked about rate lock-in effect. Market conditions are primarily being dictated by the supply side of the market, and until we see a significant market stimulant to motivate more sellers to move, the market should look similar in the months ahead.
The numbers as of October 18, 2024
- 6 Active Listings
- 3 Properties in Escrow
- 30 Closed Sales since 1/1/24
- 8 closed sales closed above the list price, 3 at the list price, and 19 under the list price
- Average Close $/sqft – $1,117/sqft
- Average Close Price – $2,610,000
- Average List Price – $2,669,000
- Ave DOM (closed) – 39
- Ave DOM (active) – 58
To learn more about the value of your home in this market, contact Kyle Daniels for a confidential consultation.
