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Analyzing these numbers can provide insights into trends and patterns in the real estate market, helping stakeholders make informed decisions regarding buying, selling, or investing in properties.
For instance, a steady increase in average selling prices along with a decreasing number of days on the market might suggest a “Seller's Market”, with high demand and limited inventory.
Conversely, a decrease in average selling prices coupled with an increasing number of days on the market could indicate a “Buyer's Market”, with lower demand and higher inventory levels.
So, when I review this table above, I see that since last year the average sales price has decreased 5.2 percent.
The days on the market has increased 25 percent, with decreases in both the price per square foot and number of overall sales. 2024 is retracting.
It doesn’t mean that it’s the end of the world, it just means that the market is normalizing, as markets are supposed to do.
What does that mean to you as the SELLER?
- Homes will sell for less and take longer to sell than they did last year
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We need to work together to have your property ready for showings and looking it's best all the time, so buyers will not put their offers on hold
- We must quickly negotiate offers, so buyers don't have second thoughts and go elsewhere
- We may have competition with new-home builders offering a lot of incentives to buyers (yes, new-builds are back).
What does this mean for me as your listing REALTOR?
It means I need to do everything I can to get the most exposure possible for your home:
- Host many open houses
- Post content and advertise on social media and other platforms
- Regularly update digital marketing content
- Collaborate with other realtors to raise awareness of your home
- Schedule showings (on short notice sometimes)
- Speak with everyone possible about your home
- Host luncheons
BUT…there is a part of this trend that is just a typical market retraction and is completely normal. It is not anyone’s fault. It’s just what markets do.
I will continue to evaluate this market and give you updates, so that you might have a better understanding of what is happening.
What does that mean to you as the BUYER?
In a normalizing market, there are a variety of choices available to buyers. Some examples:
- Pre-owned homes with the price adjustments mentioned previously
- New built inventory from builders available and offering incentives (closing costs, buy down points, better interest rates with their partners, sometimes even appliances!)
You have a lot more choices compared to the past years, for sure. If you are not getting the deal you feel you deserve, you could look at the next home on your list. But, it is very important to understand, the news of interest rates, elections, et cetera, shouldn't put your process on hold because, no matter what, you can always refinance later if your current needs' pros outweigh the cons for a home purchase now; If that's the case, do it!
What does this mean for me as your buyer's REALTOR?
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We will negotiate the best terms for your needs, including the concessions you might need to do (now vs. later)
- We will look for off the market opportunities
- We will work with reliable builders in the area and refer you to good lenders to assist you with what is the best financing for you
- If buying with cash is an option, Rockport-Fulton has been in a good growth and appreciation over the years and you will build a good equity overtime.
- Real estate is a solid investment overall, no matter what is the news about the current interest rates or inflation.
I just wanted you to know that I “feel” this market correction. I also know that if I feel it, you probably feel it, too. Please know that I am avidly working on your behalf either if you are an anxious seller or an indecisive buyer, not sure if this is the best time to sell and/or buy real estate. Call, text, or email me any time if you have any questions.
Happy May to you!
Neli
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