Real Estate Market Check-Up: What's Happening? - Blue Marlin Real Estate

Real Estate Market Check-Up: What’s Happening?

Hey everyone! Let’s examine the latest real estate numbers. We’ll break down the trends for single-family homes and townhouses/condos in November 2024 without all the technical jargon.

Single-Family Homes: A Slower Pace

Fewer Sales: The number of homes sold in November 2024 dropped by about 21% compared to November 2023—a significant change.
Less Cash: Cash sales decreased by nearly 33%, meaning fewer people are buying homes outright.
Prices Still Up (But Not by Much): The median price of a single-family home was $380,000, a 3.5% increase from last year. The average sale price was $468,976, up 2.7% year over year.
Slower Sales: Homes are taking longer to sell. The time from listing to contract increased by 79%, now averaging 50 days. The total time from listing to closing rose to 91 days, a 23% jump.
More Homes on the Market: Inventory grew by 32%, giving buyers more options.

What does it mean? The market for single-family homes is cooling. Fewer homes are selling, and they’re taking longer to sell, even though prices are slightly higher. The rise in available homes gives buyers more negotiating power.

Townhouses and Condos: A Similar Story

Fewer Sales: Sales are down by 20% compared to November 2023.
Less Cash: Cash buyers decreased by almost 40% in this segment.
Prices Jump: The median price for townhouses and condos rose to $315,000, nearly 10% higher than last year. The average sale price reached $395,009, up 7.5% year over year.
Way Longer to Sell: The time to go under contract increased by 188%, averaging 72 days. From listing to closing now takes 113 days, a 92% jump.
More Inventory: Listings increased by 37%, offering buyers more choices.

What does it mean? Townhouses and condos are seeing similar trends, with longer sales times and increased inventory. Prices are rising faster in this segment, but the dramatic increase in days to contract suggests a shifting dynamic, such as fewer cash sales or slower financing processes.

Key Trends

More Choices for Buyers: Inventory is up for both single-family homes and townhouses/condos, giving buyers more options and negotiating power.
Sales are Slower: Homes are taking longer to sell, indicating a cooling market.
Prices are Mixed: While median prices are up year over year, these increases are moderate and may not fully reflect market values.
Cash Sales Decline: Fewer cash sales suggest reduced investor activity, which may benefit traditional buyers.

What to Keep in Mind

Seasonal Changes: Real estate trends often follow seasonal cycles, so year-over-year comparisons are more meaningful than month-to-month changes.
Local Market Conditions: These trends reflect a general area and may vary in your specific neighborhood.

In Conclusion

The November 2024 real estate data shows a transitioning market. Prices remain higher than last year, but sales are slowing, and inventory is increasing. Whether you’re buying or selling, understanding these trends is crucial to making informed decisions.

Disclaimer: This analysis is for informational purposes only. Real estate conditions vary, so consult a professional for personalized advice.

Takeaways for Buyers and Sellers

For Buyers:

More Choices: Inventory is up, offering more options.
Negotiating Power: Slower sales give buyers more leverage.
Longer Timeline: Expect a slower process from offer to closing.
Prices Still Up: Be prepared for slightly higher prices compared to last year.
Less Competition from Cash Buyers: Fewer investors mean less bidding competition.

For Sellers:

Cooling Market: Sales are down, and homes are taking longer to sell.
Increased Competition: With more inventory, your listing needs to stand out.
Time on Market: Be ready for longer selling timelines.
Careful Pricing: Overpricing can lead to extended time on the market. Pricing competitively is key.
Fewer Cash Offers: Closing timelines may lengthen due to more buyers relying on financing.

Overall Market Balance:

For Buyers: More options and negotiating power.
For Sellers: More competition and the need for strategic pricing and expectations.

Remember, real estate trends vary by area and season, so consult a professional to guide your decisions.

Blue Marlin Real Estate

321-877-2902

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Real Estate Market Check-Up: What’s Happening?