My View of the Market – June 2024

As we roll into summer, let’s do a quick recap. Real estate around here has been booming this year. The first 3 months saw massive multiple offer situations on new listings. April continued the trend of multiple offer situations, but the numbers dropped to 2-5 offers as opposed to previous months of 10+ offers. May and June have still seen homes go under contract by the end of the first weekend of listing, but these were homes that were either completely move-in ready or they were priced appropriately (or even slightly under market). This was around the time, about 4 weeks ago, when interest rates jumped almost a full point into the high 7’s. Everyone was holding their breath to see if this trend would last. Luckily, rates have come back down in the last two weeks – back to the mid to high 6’s.

Even with that reduction, the average number of days on market has increased as of late. Why? Well, if you remember my last newsletter from earlier in the spring, I said my sources (i.e. home inspectors) were busy. And busy home inspectors usually means more inventory is coming on line – which, as I predicted, did in fact happen over the past couple of months. So more inventory plus maddeningly-fluctuating interest rates means we are as close to a balanced market as we have seen in the last 5 years. Will it continue through the summer? Here’s hoping.