January Real Estate Update by Lynn Slaten, Long Realty
VIA LYNN SLATEN, LONG REALTY | February 17th, 2024
For January, 2024, there were 19 homes sold, compared to 22 that were sold in December, 2023 (-14%) In January, 2023, there were 18 homes sold (+6%.)
- -The median sales price for January, 2024 was $487,500, compared to $499,000 in December, 2023 (-2%). In January, 2023, the median sales price was $517,105 (-6%.)
- -The average list price to sales price in January, 2024 was 95%, same as December, 2023. In January, 2023, the list price to sales price was 94%. (+1%.)
- -The numbers of homes sold year-to-date at the end of January, 2024 was 19, compared to 18 sold at the end of January, 2023.
- -There are currently 104 homes on the market. The median list price is $514,450. Average days on market increased to 57.
- -There are currently 38 homes under contract. None of those sold over the original asking price.
- -There is currently 5.5 months of inventory, which overall represents Sellers’ market. Once again during January, 2024, this inventory is considerably more diverse than previously reported during prior months in 2023 as follows:
Sales From $300K to $400K = Seller’s Market
Sales From $400K to $500K = Seller’s Market
Sales From $500K to $600K = Seller’s Market
Sales From $600K to $700K = Buyer’s Market
Sales in The $1M+ market = Buyer’s Market
Note: A Sellers Market represents less than 6 months of inventory.
A Balanced Market represents 6 to 7 months of inventory.
A Buyers Market represents more than 7 months of inventory.
Buyers Market = More people selling homes than buying
Sellers Market = More people buying homes than selling
Last week, Long Realty Corporate Executives used 3 words to describe their trending forecasts for the 2024 housing market throughout Arizona, as follows.
–Improving: 2024 will be a transition year. It will not be a breakout year, but better than 2023.
–Awesome: Good News……the 8% interest rate 2023 benchmark has now decreased to 6.5%. Our market was slow last year, but both pent up demand and life changing events should cause it to improve during 2024.
–Intentional: Some Buyers are sick of waiting! They know they can no longer secure a mortgage for 3%, but it’s not 8% either. It’s headed in the right direction…..maybe some light at the end of the tunnel? There are also more listings out there from which to choose, which may incent some Buyers to finally make a purchase. As such, Buyers will be more intentional this year!
Of course, market conditions vary by community, in some cases a lot! As such, Buyers and Sellers should forget what they hear on the news and get the local stats for the market in which they are interested. That’s the only way to make clearer, educated decisions. Local knowledge is imperative!
