I hope you are doing well and excited about the evolving real estate market as we blaze through April.
As we navigate these dynamic currents, it's essential to remain vigilant, informed, and adaptable. Whether you're a buyer seeking your dream home or a seller looking to capitalize on the market's momentum, there are opportunities aplenty for those willing to seize them.
Let's take a look at the market trends to keep you informed and empowered in your real estate journey.
Let's dive into the heart of the matter. The inventory of available homes is on a steady rise, marking the most active listings since December 2022. This surge in inventory provides buyers with an array of options to choose from, fostering a more balanced and competitive market environment. However, the increase in supply also raises considerations about potential price adjustments, which must be monitored closely in the coming months.
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Demand Dynamics and Sales Projection:
Turning our attention to demand, the market remains robust, fueled by a steady stream of buyer activity and enthusiasm. Despite the rise in available inventory, closings have surged by an impressive 28% from the previous month, indicating sustained interest and purchasing power among buyers. Moreover, with 63% of sales falling within the $200k - $500k range and a notable increase in transactions over $1M, it's evident that demand continues to thrive across various market segments.
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Mortgage rates have seen a hike compared to last year, albeit showing signs of stabilization in recent months. The slight decline since the peak in October 2023 has stirred buyer interest, with many eager to secure deals before rates climb higher again. However, a recent inflation report has nudged rates upward once more, hinting at a potential resumption of the upward trend next month. Despite this, the market remains dynamic, offering both challenges and opportunities for buyers and sellers alike.
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Now, let's delve into some fascinating details about homes sold in March:
Pricing Power:
Amidst these fluctuations, it becomes increasingly evident that pricing the home correctly is crucial for maximizing returns and minimizing concessions. Homes that linger on the market beyond 30 days often receive less and may require additional concessions to sell.
With this wealth of information at our fingertips, let's embark on this journey together, armed with knowledge, insight, and a sense of adventure. Here's to a fruitful and rewarding month in the realm of residential real estate!
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March Sales Snapshot:
• 63% of sales between $200k - $500k (down from 64%)
• 115 sales over $1M (up from 93)
• 26% cash sales (down from 28%)
• Sold to Original List = 96% (up from 95%)
• 39% of properties had concessions noted (up from 38%)
• Average noted seller concession was $9.8k (up from $9.3k)
• New construction concession was $16.8k (up from $15.4k)
• Existing home concession was $7.5k (up from $7.4k)
• New construction was 25% of sales (up from 24%)
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Now, let's take a closer look at April so far:
Market Snapshot:
In April so far, the real estate landscape is characterized by dynamic shifts and intriguing trends. Key observations include. 55% of listings fall within the $200k - $500k range, reflecting consistency compared to the previous month. New construction listings account for 24% of active listings, showing a slight decrease from the previous period. Across all price points, listings have seen an increase compared to last month, particularly in higher price brackets. Condo listings have experienced a marginal decline of 0.5% compared to the previous month. Clay County has added more single-family listings to the market, indicating an expansion in inventory. In Nassau County, the average days on market have risen by 8%, from 78 to 84, underscoring the importance of strategic pricing and marketing efforts.
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Listing Performance:
In terms of listing performance, the market continues to showcase resilience and potential. The bulk of listings, particularly those priced between $200k - $500k, are sitting just under 2 months on the market, indicating a healthy level of activity and interest. With 4,361 listings potentially priced "right," there's a notable increase of 347 listings from last month, suggesting an expanding pool of properties attracting buyer attention. However, it's worth noting that 41% of active listings are categorized as stale, mirroring the figures from the previous month and emphasizing the importance of strategic pricing and effective marketing strategies to ensure timely sales.
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We are here to support you whether you're considering buying or selling. Our role is to navigate the market landscape seamlessly, leveraging our expertise and commitment to stay informed.
Don't hesitate to reach out if you have any questions or if you're ready to explore the exciting opportunities in today's dynamic market. Together, we can navigate these trends and secure the best outcomes for your real estate endeavors.
We look forward to partnering with you and helping you achieve your real estate goals in 2024!
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