Here is the market snapshot for March 2024. Active and new listings are both up. Sold prices are also up. Days on market is down. What in the world does all this mean?
Simply put: the market is improving. We’ve needed more inventory on the market since COVID as we had a huge pull-forward effect of real estate transactions as the nationwide (really global) work-from-home experiment started. Since then, we’ve had a huge shortage of housing. Then rates moved so quickly up that there was a lock-in effect for many sellers.
What we’re seeing now is inventory levels on the rise, which is a good thing. That means more properties are becoming available. And those properties are being purchased as we see the days on market trend down.
Rates remain peskily high which could influence some of these numbers going into May. For now, we see more inventory on the market, which willing buyers are gobbling up and that is overall a good and healthy thing for real estate markets.