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How’s our real estate market doing so far in 2024? To get a clearer perspective of where we are right now, let’s review some numbers from 2023 and compare them to our most recent data.
Between January 1 and August 27 last year, we sold 257 homes, with an average of 57 days on the market and an average sales price of around $338,170. So far this year, the number of homes sold has decreased to 238, with an average of 54 days on the market and a much lower average sales price of $314,000 compared to last year.
There’s also a huge increase in inventory, with 165 active listings, which means the absorption rate is increasing. This gives us about a four-and-a-half-month supply of homes, signaling a shift into a buyer’s market.
Another thing to note is that our current average list price is $415,000, while our average sales price is only $314,000. This indicates that sellers who listed their homes today may need to adjust their asking price for them to have a successful sale.
The current average days on the market for active listings is about 81 days, which is typical for an election year. We haven’t seen the same level of market activity in past elections because of factors like low interest rates, low inventory, and strong buyer demand. Based on historical data, real estate markets tend to slow down. However, the current drop in interest rates could boost market activity, which could help sales.
Whether you’re a buyer or a seller wondering if now is the right time, feel free to contact us at (208) 675-9798 or Desi@RevistaRealty.com. Let’s discuss your situation and goals to determine the best strategy for you.
