DEMAND

As late as November, 55% of all closed sales
have been at or above asking price. Buyers
continue to compete for listings—a strong
indication that demand for quality listings
continues to exceed supply. Expect buyer
enthusiasm to carry over into 2024. The
bottleneck responsible for the 16% drop in
sales this year was primarily caused by depleted
inventory (quantity and quality). Expect buyer
enthusiasm to carry over into 2024 with
additional boosts as interest rates adjust down.

LISTING SUPPLY

Compared to prior years, new listings have been
slow to arrive and level throughout the year.
They didn’t have a mid-year peak. New listings
are down 19% compared to last year and 29%
compared to the pre-pandemic levels of 2019.
The market is in a listing gridlock as potential
sellers are reluctant to give up their capped
property taxes and low interest rates at a time
when there aren’t many buy options once they
do sell. Low inventory levels will continue to
restrict sales in 2024.

VALUES

Prices have been stable and have been
following closely to last year’s lead. Through the
spring, prices were down slightly and since June,
they’ve been up by about the same margin. YTD
price per square foot is even with last year and
average sale price is up 1%. Expect 2024 prices
to follow a similar pattern with a slight increase
of one or two percent through the year.

SUMMARY

Expect inventory levels and sales to remain
tight in 2024. Buyers want updated and wellmaintained
homes. They will continue to wait
for and jump on premium listings. Expect more
of what we’ve seen this year with a little more
energy as interest rates adjust.