Market Update - 6.26.24
Our April update noted a rise in new home listings and the potential for a slower than average sales season. This potential has been realized with pending sales continuing in line with 2023’s slower rate. May recorded 18 pending sales compared to the 10-year average of 23.5 sales.
More significantly, the trend of rising inventory continued. As the graph below indicates, inventory of residential homes shot up to 115 in May, officially returning the market to pre-pandemic levels.
Given the presence of steady interest rates, at least until later this fall, the prediction is for a continued slow real estate season with a continued increase of residential inventory.
Sellers need to price their homes appropriately. Homes that are turn-key in terms of finishes and priced at market value will sell quickly. All other homes will require patience.
Buyers, your strength is returning to the market! You can afford to be selective and wait for the right property.
