2024 has been an interesting year after the chaotic 2023 in Real Estate. Now that we are moving into the 4th quarter, we can look back to see some patterns establishing.
- More Inventory
- Consistent Pricing
- Pending Sales Volume
- Closed Sales
- New Listings
More Inventory
The increase in inventory has been a slow and steady build up of inventory. This kind of growth is great for buyers because it means more inventory for them to choose from. We did see inventory peak during summer, which is considered an ideal time to sell, and as the year continues the inventory will slowly decrease creating more competition for sellers.
Consistent Pricing
There were a lot of assumptions about prices continuing to skyrocket, bolstering homeowners confidence in getting the best prices for their homes. However, the pricing has remained pretty consistent throughout the year giving buyers more to choose from and this in turn gives sellers more potential buyers. This hasn’t caused any bidding wars like years past, but instead has encouraged buyers to pursue their due diligence. During the pandemic many inspections and appraisals were waived to continue closing transactions and get offers accepted. That strategy is not working for sellers anymore, buyers are taking their time to make sound decisions.
Pending Sales Volume
We have noticed consistent pending sales, which means buyers are interested and shopping. On top of that, these pending sales are following through, we are seeing very low lost pending sales.
Closed Sales
Although closed sales did peak in August(7,540), we are still seeing high closed rates in September(6,527) and a total $43 billion in closed sales for the month. Buyers can expect that competition to continue declining as the year goes on, this will allow them more negotiation leverage.
New Listings
As strategic buyers continue to shop for homes, sellers should remember to be aggressive with their pricing, highlighting unique features, or offer incentives to stand out in a more saturated or crowded market.