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As a broker, I’m often asked, “How is the real estate market?” This market is somewhat unique in that the higher interest rates have caused many buyers AND sellers to sit on the fence, waiting for lower interest rates. One hundred days into the year, here are three trends we see:
Listing inventory is rising notably. NABOR®’s last report showed an inventory of 5,139 properties compared to 3,085 the previous year.
The 2024 closed sales are running about 11% behind where we were a year ago.
The Days on Market Until Sale indicator is still reasonable at 65 days overall.
– Mike Hughes, Downing-Frye Realty, Inc.
