Market StatsReal Estate News & Trends July 9, 2024

Navigating the June 2024 Real Estate Market: A Snapshot

As we settle into summer, the real estate landscape in our area continues to evolve. Let’s dive into the latest market insights for June 2024.

New Listings

In June, we observed a slight decrease in new listings compared to previous months. This trend aligns closely with pre-pandemic levels from 2019, suggesting a seasonal slowdown typical during the vacation season. For eager buyers, this meant a slightly narrower selection of fresh properties entering the market.

Active Listings

The number of active listings saw a steady increase throughout June, providing welcome news for prospective buyers. Although not yet reaching the peaks of 2019, our current inventory surpasses the availability of the last four years. This surplus gives buyers more options and encourages sellers to price their homes strategically to avoid prolonged listing periods.

Sales Pending

June saw fewer homes going under contract, reflecting the lower influx of new listings. This dynamic highlights buyer interest in newly listed properties. Sellers with homes on the market longer than average may need to reassess pricing strategies and consider recent comparable sales to stay competitive.

Closed Units

The total number of closed units saw a notable decline from May to June. This shift is partly attributed to increased instances of earnest money releases, often due to inspection issues. Sellers are now more likely to consider repairs to attract buyers, indicative of a shifting market where negotiations play a crucial role, despite it still favoring sellers.

Months of Supply

Currently, we have approximately 4.5 months of inventory, a figure in line with 2019 levels. This metric indicates a faster-than-balanced market (typically 6-9 months of supply), suggesting continued robust demand relative to available listings.

Median Sales Price

Reflecting the ongoing seller’s market, median sales prices continue to rise steadily. Historically, summer prices tend to stabilize, yet with an uptick in active listings and persistent buyer demand, some negotiation may be expected on both sides moving forward.

Average Days on Market

Typical of the sales season, homes are selling faster during warmer months. The average days on market stands at approximately 35 days, implying a quick turnaround from listing to pending status. Sellers should anticipate finding buyers within a couple of weeks for well-priced homes in desirable conditions and locations.

Navigating the nuances of the real estate market requires staying informed and adapting to changing conditions. Whether you’re considering buying or selling, these insights into June 2024 provide a valuable snapshot of current trends. If you have any questions about these statistics or need personalized guidance tailored to your real estate goals, don’t hesitate to reach out to your trusted Wallace Real Estate agent. We’re here to provide expert advice and support every step of the way.

Feel free to contact us to discuss how these trends may impact your next real estate decision. Your dream home or strategic sale could be closer than you think with the right knowledge and assistance.