As we review the numbers and trends over the last couple of months we are glad to report that we have good news for both buyers and sellers. Take a look at the numbers in the chart below. We’ll detail the positives we see for buyers and sellers in the following paragraph. 

Buyers should be glad to see that interest rates are still down over a point from the fall and active listings (the numbers of homes on the market for sale) are up over 8% when comparing January 2023 to January 2024. The median days on the market was longer than a month for the first time in over 3 years, and the month’s supply of inventory came in at 1.72 months, up from 1.27 in January 2023. The bottom line is, while we are still firmly in a seller’s market, buyers are starting to have more choices, especially in higher price ranges.

Seller are happy that the median sales price is up almost 6% from January 2023 to January 2024, and seller’s know that a balanced market has a roughly 5 month supply of inventory. Since our local market is still under 2 months, sellers are still in control. Additionally, our local market is always slower over the winter, helping buyers who are willing to move their Christmas tree. 

As we head into spring, if you are thinking about selling your property, now is the time to get started. Sellers often make the mistake of waiting to list in the summer, but statistics show that early spring is a much better time to get the ball rolling. Based on a study we did the five months with the highest number of homes going under contract were April, June, May, July, and March. Many people do move during the summer months but that is often because they listed their house in the spring, aiming for offers that might close 30 to 60 days later in time for a summer move. If you are considering selling, now is the time to start making plans and we are here to help. 

Give us a call (757-726-7653 for Lee, 757-434-9084 for Harry) and put our experience to work to help make you more money! 

Click HERE for previous editions of this newsletter

Don’t forget, we manage rental properties and can help with your property management needs as well!

Check out the Rental Management section of our website, here.

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