Last month, the U.S. real estate market saw some interesting trends. The median sales prices for single-family homes and condo/co-op units reached new highs, increasing by 4.1% and 2.6% respectively compared to the previous year. There was also a significant increase in the supply of listings for sale, rising by 23.4% year-over-year, reaching the highest monthly count in almost 4 years. However, the number of actual sales declined, with a 7.4% decrease from May and a 13.4% decrease from June 2023. Price reductions in the 2nd quarter also saw a significant jump of 52% year-over-year.
Also, there were changes in buyer behavior, with a lower percentage of sales going into contract in less than 1 month, fewer sales over list price, and a slightly longer median days on the market compared to the previous year. As of mid-July, interest rates were at their lowest since March, and there were challenges in finding affordable homeowner’s insurance coverage in many regions.
Source: Compass
Tips:
Sellers
- Understand the nuances of pricing your property in a market with shifting dynamics, and be open to adjusting your strategy as needed.
- Highlight the unique features and strengths of your property to attract discerning buyers in a more competitive market.
- Prepare your home for sale meticulously, as presentation and staging can make a significant impact on attracting potential buyers.
Buyers
- Stay informed about the changing market conditions and be prepared to act quickly when the right property comes along.
- Be flexible with your expectations and consider properties that may need some cosmetic updates, as they could offer better value.
- Work closely with a real estate agent to craft strong, competitive offers that stand out in a potentially competitive market.
Ready to sell? Know your home’s worth, click here.
Homes for sale in Carmel Valley click here.
Shirin Rezania Ramos | 858.345.0685 | www.shirinramos.com | Compass, DRE 0203379
