It is most notable that there is a significant shortage of homes in inventory, which is putting upward pressure on sales prices. It is also significant that sales volume is returning to pre Covid-19 levels, though sales prices are still up significantly year-over-year. This could be a potential indicator of the market moving closer to a state of balance as higher interest rates push some buyers out of the market.
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It is noteworthy that January 2024 saw an 8-year high in overall sales volume, and an increase of 63.2% over January of 2023.
Most notable is that sales volume is significantly down when compared to the same months in years prior. April saw a 44% decrease in sales volume when compared to May of 2022. The year-to-date sales volume is down approximately 28% when compared to 2022 as well.
Most notable is that sales volume is significantly down when compared to the same months in years prior. April saw a 20% decrease in sales volume when compared to April of 2022. The year-to-date sales volume is down approximately 22% when compared to 2022 as well.
Most notable is that there were only a reported 93 sales in March, which is a 33.6% decrease when compared to the 5-year average of sales volume for the month of March.
The primary factor in the residential market is a significant shortage of supply of homes in inventory. Many properties are experiencing multiple-offer situations and sale prices well above list. Most of these properties have been extensively updated, and it appears most buyers are willing to pay a significant premium for updates.
For buyers, the market is beginning to show signs that are in the buyer’s favor following two years of an extremely strong seller’s market. However, we are seeing interest rates remain high despite the long-term projections. It is important for buyers to take into consideration their buying power as higher rates put pressure on monthly payment amounts.