Market Update: April 2024
We are preparing for the summer selling season at The Amy Nakos Group. We are looking to add approximately 10-15 listings in May and June. If other brokerages are also preparing to release new listings, we could see some great new inventory hitting the market soon.
The market continues to hold steady and is experiencing continued pricing increases. When inventory increases in the spring, we will see days on market decrease and new properties will bring down the average days on the market. Don’t be fooled by that number indicating that properties are selling faster, it just means more properties have lower DOM, bringing down the average.
You will also see that absorption numbers (months of inventory) will increase as inventory grows in the spring before the selling season. Again, don’t consider the MOI as a hard and fast number since the summer selling season will determine the pace of sales. By October or November, we will be able to gauge the strength of the overall market with statistics from the summer.
As for now, pricing and inventory are steady. We shall see what the summer brings!
Average Sales price (Trailing 12M)
Median April: $1,025,000, up from $1,006,000 in March – +1.88%
Average April: $1,323,461, up from $1,309,992 in March +1.02%
I also looked at Median and Average sales prices from April 2023 to compare year over year:
Median April 2023: $945,000
Median April 2024: $1,025,000
**+8.46%
**
Average April 2023: $1,255,062
Average April 2024: $1,323,461
+$5.44%
These are still impressive appreciation increases given higher interest rates, and a post-COVID, slower marketplace. As I tell new prospective buyers, lack of inventory and almost zero room for expansion will keep pricing high.
There are 435 Active Listings in April (obviously this changes day to day – just what the stats are showing).
In April 98 residential properties in Summit went under contract
One hundred and four properties sold in April.
Average days on market in April is 41.
April showed 4.2 months of supply.
Median price per square foot for April sales is $815
Median price per square foot for April sales is $815
There was less showing activity in April than in March. April saw an average of 2.9 showings per listing where March had 3.4.
Properties are averaging 10 showings before going under contract.
