Don’t miss out on these mid-year updates about the housing market!
It’s June, so let’s get into the current real estate market numbers and see how they compare to last year. Right now, we have about 30,295 total active properties in the MLS, including 1,370 new constructions, 2,451 resales, and about 20 active foreclosures. These numbers are quite similar to last year, with not much new activity. However, the sold count is what truly matters. Check out the bullet points below for more details on each update:
Current Active Properties in MLS:
– Total: 30,295
– New Construction: 1,370
– Resales: 2,451
– Active Foreclosures: 20
Comparison to Last Year:
– Sold Properties (2024): 5,551 (42% of last year’s 13,221)
– Sold Properties (2023): 15,500 (15% decrease from 2022)
– Foreclosures Sold (2023): 122
– Foreclosures Sold (2024): 53 (43% of last year)
– Resales (2024): 4,453 (41% of last year)
– New Constructions Sold (2024): 1,198 (46% of last year’s 2,586)
“In summary, 2024 is shaping up to be slower than 2023. While catching up is possible, it’s unlikely given the trends.”
Multi-family Homes:
– Sold this Year: 39
– Sold Last Year: 69
– Sold Year Before Last: 161
Market Trends:
– Interest rates have risen from 3-4% to 6.5-8%.
– Some areas experience longer listing times and more price reductions.
– Some properties still receive multiple offers.
– Inventory remains low, preventing a full shift to a buyer’s market.
– Hot markets see appreciation; slower markets see depreciation.
Forecast:
– 2024 likely slower than 2023.
– Sales volumes dropping, but still significant activity.
– Last year saw 13,000 sales, compared to the market low of 8,900 in 2007-2009.
In summary, 2024 is shaping up to be slower than 2023. While catching up is possible, it’s unlikely, given the trends. Sales volumes have dropped significantly, but there are still plenty of transactions happening. Last year, we saw 13,000 sales, which is strong compared to the 8,900 sales at the market’s lowest point in 2007-2009. If you have any questions or need assistance, please feel free to call or email us.