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Categoriestips & tricks

Real Estate Market Update: December Trends You Need to Know

By Justin,

As we step into the new year, the December real estate stats reveal some intriguing trends in the housing market. Whether you’re buying, selling, or simply keeping tabs on market movements, these insights can help you make informed decisions. Here’s what stands out:

 

Inventory Levels: A Subtle Shift

Active listings are up by 17% compared to 12 months ago. While this number might seem significant, it’s important to remember that the market was sluggish a year ago, so the increase isn’t as dramatic as it appears.

Why isn’t inventory growing substantially? The answer lies in the pace of under-contract listings and sales:

  • 15% of listings are going under contract.
  • Sold listings are up by 13%.

This indicates that while inventory levels may inch upward into the spring, the demand for homes remains robust, keeping sold listings on a fast track.

Price Per Square Foot: A Surprising Spike

One of the most noteworthy trends is the spike in sold price per square foot. Here’s what’s happening:

  • Active listings are slightly down in average price per square foot compared to last year.
  • Under-contract listings are climbing in price per square foot.
  • Sold listings show an unprecedented spike in price per square foot, marking the steepest rise since 2022, from October to December.

This could signal the beginning of a price surge, a crucial detail for buyers and sellers to monitor closely.

Month Supply of Homes: Still a Seller’s Market

The months of supply across various price ranges indicate the market is still favoring sellers. Here’s why:

  • A six-month supply typically marks a neutral market.
  • Most price ranges are well below six months, keeping the market firmly in the seller’s favor.

Additionally, sellers are securing strong deals, with most homes selling within 1% of their listing price. While higher price ranges allow for a bit more negotiation, the overall trend shows sellers maintaining the upper hand.

Key Takeaway for Buyers

For buyers waiting for rates to drop, this spike in sold price per square foot may be a wake-up call. If prices continue to rise, you could find yourself wishing you had entered the market sooner.

Final Thoughts
The December stats reveal a dynamic market with rising demand and steady seller advantages. Whether you’re a buyer or seller, staying informed about these trends will be crucial in making the most of the opportunities ahead.

What are your thoughts on these trends? Let us know in the comments!

Categoriestips & tricks

New Realtor Rule: What Buyers Need to Know Before Touring Homes

By Justin,

If you’re a buyer and you’re thinking about buying a house in the next 12 months you need to know about this new rule that the National Association of Realtors just came out that all realter and Brokers like myself need to follow when viewing home so here’s the rule written agreements with Buyers will be required Nationwide such agreements will be required prior to touring properties with the buyer even including live virtual tours okay so if I FaceTime you or whatever I’m still supposed to get a bar broker agreement signed with you so I’ve got some really important tips for you buyers that aren’t sure which agent you want to choose first tip number one is I definitely would try to team up with somebody that is an expert that knows what they’re doing um that can help you understand the valuations of the home to make sure you don’t overpay um but in the event that you’re just like starting out and you don’t want to sign something exclusive for all the properties to view know that you can sign a buyer broker that is exclusive just for that property only so if you’re going to tour a home then yes you could sign it for just that home and it only applies to that home if you decide to buy another home you are no longer bound to that Realtor you can sign a new buyer broker with a different realter tip number two you’re going to want to make sure to ask how much if the seller is offering any buyer’s agent commission here’s why if you go to sign that buyer broker agreement and it says three % in there and the house that you’re Touring that you decided to maybe use the listing agent for let’s say that that seller is only offering 2% guess who’s responsible for that extra 1% that is written in there that would be you the buyer so if the buyer agent is only offering 2% then you want to sign a buyer broker that’s got 2% not one that’s got a 3% in there it all depends on what is being paid and that kind of goes for all properties is it now makes it more difficult for buyers and even me as an agent or a broker to understand exactly how much because every property can be different on how much commission now so far everything’s been kind of running similar to before doesn’t seem like a huge deal but these are really important tips for successful buyers out there to make sure that they get into the right home with the right agent.