The real estate market is building momentum in preparation for a busy Spring market. But it is undeniably challenging to find fresh inventory, especially if you’ve been looking for a while.
Currently, inventory levels hover around 6,050 listings, which is 18% lower than the 10-year average of 7,400 listings. Overall listing activity crossed 2,000 new listings but still remains at the slowest pace of the last several years.
While low inventory levels present challenges for buyers in the market, it also presents an opportunity for sellers who are looking to sell.
At this point, 2024’s deal volume is running ahead of 2019’s pace. Contract-signed activity has seen an 8.8% increase compared to this time last year and a 22% increase compared to the previous quarter (Q4 2023).As we approach an active Spring market, we expect contract-signed activity to pick up even further.
Advice for Sellers: Supply is currently tight, but this is expected to change as new listings come to market over the next few months. Sellers should take advantage of this seasonal pickup in contract activity and leverage but keep expectations on price strategic.
Advice for Buyers: Expect more buy-side competition and less negotiability from sellers with desired properties, especially those priced strategically. Deals are still there to be had, but the urgency has definitely increased as well. Expect this trend to continue, and leverage will fade further away from you for the next few months as we get into peak activity in Spring.
In the meantime, we look forward to a bustling Spring market!
