August Real Estate Roundup from Lynn Slaten, Long Realty
CONTRIBUTED BY LYNN SLATEN, LONG REALTY| September 14th, 2024
For August, 2024, there were 25 homes sold, compared to 26 that were sold in July, 2024 (-4%) In August, 2023, there were only 23 homes sold.
- The median sales price for August, 2024 was $525,000, compared to $549,500 in July, 2024 (-4%). In August, 2023, the median sales price was $495,000.
- The median list price in August, 2024 was $525,000, compared to $559,500 in July, 2024 (-6%.) In August, 2023, the median list price was $499,000.
- The list price to sales price in August 2024 was 97%, compared to July, 2024 at 96%. In August, 2023, the list price to sales price was 98%.
- The numbers of homes sold year-to-date at the end of August, 2024 was 223, compared to 181 that sold at the end of August, 2023.
- There are currently 79 homes on the market. The median list price is $500,000. Average days on market increased to 60.
- There are currently 18 homes under contract. 8% of those sold over the original asking price.
- There is currently 3.2 months of inventory, which represents Sellers’ market. During August, 2024, this inventory consistently represented that fact in each of the following sales price markets, except one, as follows.
Sales From $200K to $800K= Seller’s Market
Sales in The $1M+ market = Buyer’s Market
Note: A Sellers Market represents less than 6 months of inventory.
Understanding the Recent National Association Real Estate Lawsuit Settlement
If you have been following recent headlines, you might have heard about some major changes happening in the real estate industry, especially when it comes to agent commissions.
The National Association of Realtors, or NAR, recently proposed a settlement as a result of a series of antitrust lawsuits, and as part of that settlement, they have agreed to implement three major practice changes.
First, the compensation payable to the buyer’s agents has changed. Sellers now have the option to decide whether or not they want to offer compensation to the buyer’s broker. It’s always been negotiable, but now it’s more clearly highlighted that sellers are not required to do so.
Second, information about agent compensation won’t be displayed on the Multiple Listing Service or MLS. In the past, this information was visible to all agents, but now it will be shared in new ways, such as through public listing promotions or other methods.
Lastly, buyer’s agents must now have a signed agreement with their clients before they can show properties. This agreement will detail the commission the buyer’s agent will receive once the transaction closes.
If you are selling your home, offering compensation to a buyer’s broker could still help attract more potential buyers.
For buyers, having a formal agreement with your agent ensures that everything is transparent, including the agent’s compensation.
Editors Note: Open Houses are treated differently. You do not need to sign a buyer broker to tour an open house. However, if they want to preview another home, they do. They can, however, sign a Buyer Broker Agreement with an agent for just one day, unless of course, they decide to buy the home that agent showed them.
We believe these changes will ultimately benefit both buyers and sellers.
Lynn Slaten – Associate Broker
Vice President Member of the Executive Council
Long Realty Circle of Excellence Gold
Long Realty Company
A Berkshire Hathaway Affiliate
15250 N Oracle Rd. Suite 110
Tucson, AZ 85739
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