Housing Sales to Climb in 2024
Today we’re diving into the encouraging direction of the housing market in Southeast Michigan. As we analyze the trends and data, we see clear indicators that 2024 is shaping up to be a promising year for housing sales.
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Current Market Status
Housing Sales to Climb in 2024 – At the time of this post, the inventory of unsold homes on the market is approximately 5% higher compared to this time in 2022. This increase, continuing well into this month (late November), signals a positive shift – more sellers are feeling comfortable entering the market. Additionally, both buyers and sellers are adjusting to the current mortgage rates, creating a more dynamic marketplace.
Encouraging Trends in New Listings
We’re also observing that new listings each week are consistently running higher than last year. What’s particularly interesting is that the sales volume is now consistently outperforming the numbers from 2022. This uptick in supply, coupled with an increased pace of sales, paints an encouraging picture for the future of the housing market.
Understanding the Data
When we talk about “sales” in our data tracking, we’re referring to the new contracts that go pending each week. Housing Sales to Climb in 2024 – This data gives us the ability to predict homes closing in the next 30-60 days, based on current pending home sales data. This early “proxy measure” for housing sales is a vital metric for understanding market dynamics.
Stability in Contracts
It’s worth noting that, despite common concerns, we’re not witnessing any unusual uptick in contracts failing. The metrics show no significant spike in failed contracts, reinforcing the stability of the current market. This is another reason why we expect Housing Sales to Climb in 2024.
Anticipating Growth in 2024
Housing Sales to Climb in 2024 – With each week bringing more contracts than the same period last year, it’s becoming reasonable to expect home sales to grow in 2024. While there are slightly fewer homes under contract now compared to last year – primarily due to an entire year (2023) of very few sales – the weekly new sales are outperforming last year’s volume at this time.
A Look Back at 2023 Predictions
Reflecting on last year at this time, we focused on whether housing prices could crash in 2023. At that time, nothing indicated a crash, mainly because inventory levels were low. However, what we didn’t scrutinize enough were the housing sales numbers or actual sales volume.
Forward-Looking to 2024
Housing Sales to Climb in 2024 – we are closely examining market metrics, considering both volume and prices. This is a critical moment for us to stay ahead of the headlines and gossip, tracking every home for sale in SE Michigan on a weekly basis. We analyze pricing, supply, demand, and changes in these metrics to provide you with the most accurate market insights.
Stay Informed with Kime Realty
At Kime Realty, our goal is to understand market conditions in order to help our clients make wise, educated decisions. We track market data on a weekly basis and are happy to make this information available to you. By understanding these metrics as they happen, you can make informed decisions whether you’re buying or selling.
The current housing market continues to be a pleasant surprise. At Kime Realty, we’re committed to following these trends closely. Stay updated with our weekly market data reports by clicking the link below. You can also search for homes on the MLS or find out what your current home is worth through our website. Housing Sales to Climb in 2024 – Your friends at Kime Realty look forward to assisting you on your real estate journey in 2024.
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