April 2024 – My View of the Market

Normally, I have a solid prediction of what the market will do in the coming year. This year I am in a wait-and-see mode. Let me explain. For starters, it was a pretty-hot early spring for real estate. As has been the case for months now, we had many more buyers than sellers, especially in February and March. Homes were selling quickly with multiple offers at above asking price.

Yet, as we get later into spring, I’m seeing the numbers of offers being reduced as we get further away from March. Just a month ago it wasn’t unusual to see more than 10 offers per home. Here in April, yes, we are still seeing multiple offers on appropriately priced homes, but now there are maybe up to 3-5 offers on average. So, while this is typically the hottest time of year in our market, demand has lessened slightly.

Don’t misunderstand, it is still a seller’s market. And recognizing that fact, plus the time of year, I’ve seen an increase in inventory in the last few weeks that looks to continue. My barometer is always my network of home inspectors, and they tell me they have been very busy. So, that leads me to suspect that there is even more inventory coming. Buyer’s hang in there. You’ll see the balance shifting more your way as we head into summer.