Better Days Ahead?

How's the market? This is the most common question I am asked when out and about in the world.

Many of our clients pulled back at the end of 2023, wondering if interest rates would continue to climb and if home prices would come down. Let's take a look at our stats coming into the New Year and find out what might be ahead for this year! 
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Have interest rates stabilized? Well, thankfully, interest rates have fallen a bit since their height in November of 2023. Only time will tell us what to expect next on this one!
 
Have home prices come down at all? As always, I have to say, "It depends." The market is always shifting, and we find that prices soften up at various times throughout the year. However, on the whole, we have found that though prices have stabilized a bit, they have not declined. The median sales price in January was still up 1.1% from last year. So, though the arc of price appreciation has flattened a bit over the past year, we have not gone backward in most areas. 
 
What about inventory? On this one, perspective is key. We "bottomed out," so to speak, in the months of November 2021-April of 2022, where we had an average of just 1.2 months of inventory. These were historically low months! There has been a slow but steady climb since then, and today (As of January 2024), we are at 2.0 months of inventory. It doesn't seem like a huge increase, but it's getting better for buyers. 
 
Overall, things are looking up! As interest rates and prices even out a bit and inventory comes into the market this spring, we should see lots of movement from both our buyers and sellers. Who do you know that needs our help this year? We love helping your family and friends, so send them our way. We are happy to help!