Let’s take a look at the end of quarter one here in the interior! Not only just the end of the quarter for 2024 but also compare it to 2019.
Quarter one is always a interesting time in the real estate world because it is the beginning of a new year, end of tax season for some and often times a preparation period for many.
This year in the interior during quarter 1 we experienced -40 below weather for a long time, start of “break-up” season and the ever changing mortgage rates.
Now let’s look at the numbers!
Days on market increased slightly from the end of 2023 from 34 days to 48 days. The average sold price increased from $281,065 to $302,000.
The shift from the end of 2023 to beginning of 2024 is slight, but noticeable. We have seen the increase in buyers entering the market thru the months as well as the lowering of interest rates. There is still a low in inventory because most sellers wait until end of spring/summer to list, which means current listings are seeing an increase in competitive buyers.
Now let’s see what 2019 looked like!
We are looking at 2019 because it is the last time we were in a more standard market before the craziness of 2020 put us into a huge shift (more than once)
WOW!!!! Look at the change in days on market AND the average sold price!
Quarter 1 in 2019 only accounted for around 15% of those sold in 2019.
Quarter 1 in 2023 accounted for 16% of the yearly sold
2022 quarter 1 accounted for 21%.
This tells us that looking at the 2024 stats for quarter 1 we can possibly expect that quarter 1 is slower for the market as sellers & buyers start to think about the market and begin to enter it. If you are a prospective buyer or seller, looking at the numbers can help you decide what timing is best for you! If you have questions in regards market stats or how to understand their possible affects on your decisions, give us a call!
