Home Ladder’s Post

Transcript

We heard the latest numbers from the MLS comparing N24 to November of 23. Let's jump in. Active listings are way up. We've got 40% more homes on the market now compared to last year, 21,368 versus just 15,000 into 2023. And there are also up nearly 9% from last month. That's a huge increase. And while pending listings are up slightly year over year, about 7%, they've actually dipped 4% from October. Same goes for under contract listings throughout, nearly 16% from last year. Dropped 4 1/2 percent from last month. Now for some good news for sellers. Monthly sales are up almost 12% compared to last year. But with more working days in October 2024, that gain doesn't look as strong as it first seemed. And while demand has improved, it's not as high as sellers might hope. Raising interest rates are keeping it in check. Meanwhile, supply continues to surge with buyers having plenty of options. This shifts us into a buyers market, meaning prices may trend downward. Exactly, The Cromford Market Index just dropped below 90, putting us in a buyers market for the first time since 2022. Median prices are up 3.4% year over year, but the average price per square foot is actually down 1%. So in summary, buyers have the upper hand and with contract ratios cooling off, it's looking chilly out there. Keep an eye on those numbers, make sure to subscribe for more real estate insights, and stay tuned as the market continues to shift.