January 2024 Market Update

Here's your January 2024 Market Update!

Seller vs Buyer Market: Take a peek at this and see if your city is currently in a seller or buyer’s market. Knowing if you are in a buyer or seller’s market allows you to know who has more leverage in transactions based on supply and demand. “As is normal in January, new listings are also arriving in stronger numbers, but the total supply remains well below normal. In addition, the demand appears to be rising at a significantly faster rate than the supply.”

Co-Broke Percentages:

A hot topic lately. 2.5% is still the most common offering to a buyer agent by the seller. However, 122 active listings are currently not offering a buyer commission and 32 listings closed with no buyer commission between 12/24/23 to 1/20/24.

Sales Price & DOM:

Hopefully everyone knows this, the longer a house sits on the market, the lower price it will sell for. It’s important to price your home correctly to start with so time on the market doesn’t kill your sales price. 

Seller Paid Closing Costs:

So far in January, 45% of closings included seller concessions. The median concession is $9,500 and both are expected to increase. 

New Contracts:

This tracks the number of new contracts or pending sales, offering insights into the market's activity level and buyer demand. January has had the most new contracts since May 2023!!

Annual Appreciation Rate: This would indicate the rate at which property values are increasing year over year, a key indicator of market health and investment potential.