With a quarter of 2024 already behind us, it’s time to take stock. Are you on track with your goals, or do you need to make adjustments?
Whether you’re on track, ahead, or behind, here are nine reasons to feel excited, motivated, and ready to conquer the rest of the year. Get ready—it could be your best year yet!
Welcome back to America’s #1 Daily Podcast, featuring America’s #1 Real Estate Coaches and Top EXP Realty Sponsors in the World, Tim and Julie Harris. Ready to become an EXP Realty Agent and join Tim and Julie Harris? Visit: https://whylibertas.com/harris or text Tim directly at 512-758-0206.
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1. Home Sales Are UP! February brought a pleasant surprise in the real estate market as existing home sales surged by 9.5% month-over-month to reach a seasonally-adjusted, annualized rate of 4.4 million units. This remarkable uptick marks the highest level recorded since March 2023.
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2. Prices are UP! Alongside the increase in sales, the median sales price also saw a notable rise, climbing by 1.4% month-over-month and 5.8% year-over-year to reach $384,500. These figures, released by the National Association of Realtors (NAR), indicate a robust and dynamic housing market, reflecting increased demand and rising home values.”
3. National inventory levels are on the rise. Based on data from Realtor.com’s residential listing database, active inventory in March 2024 increased by 4.5% month-over-month (MoM) to reach 695,000 units—an impressive 23.5% surge year-over-year (YoY)!
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Additionally, new listings saw a substantial uptick, jumping by 16.6% Month over Month and showing a notable 15.5% year-over-year increase. This surge in available properties indicates a trend towards more opportunities for potential buyers, potentially leading to increased property sales.
4. Cash Deals. According to data from the Realtors Confidence Index, the real estate market witnessed fierce competition and a surge in cash transactions in February. A remarkable 56% of homes sold during the month were on the market for less than a month, up from 53% in January.
Furthermore, 20% of homes were sold for more than their listing price, marking a notable rise from 16% in the previous month.
Perhaps most strikingly, a staggering 33% of transactions were completed entirely in cash. These statistics, provided by the National Association of Realtors (NAR), underscore the intense competition and prevalence of cash offers in today’s housing market.”
5. No Crashing Prices. Price growth has taken an unexpected turn. After experiencing slight decreases of 0.1% month-over-month (MoM) for two consecutive months, CoreLogic’s national Home Price Index surged by 0.7% MoM in February, exceeding its initial projections significantly. Previously, CoreLogic had anticipated 2.5% price growth over the next 12 months, but its latest forecast now predicts a more robust 3.1% increase.
6. A Slight Increase in Days on the Market. “The trend of increasing days on the market (DOM) persists, indicating a potential shift in the real estate landscape. In February 2024, the median home remained on the market for 38 days, compared to 36 days in January 2024 and 34 days in February 2023. Typically, as the spring selling season approaches, we anticipate a decline in DOM. However, if this trend fails to materialize, it could signal a negative trajectory for home prices.”
7. The percentage of properties selling above the list price is rising, indicating a shift in market dynamics. In February 2024, 20% of homes were sold above their list price, marking an increase from 16% in January 2024 and a slight decrease from 24% in February 2023. This trend suggests a moderation in seller expectations and a corresponding reduction in buyer urgency, as illustrated by data from [NAR] and [Zillow]. Buyers may find more reasonable pricing as the market recalibrates, while sellers adjust their strategies to align with current conditions.”
8. Multiple Offers. The prevalence of multiple offers remains strong at 2.7 times the average property sold, indicating a consistent trend in market competitiveness. Notably, this figure represents a slight decline from the recent past when the average property garnered approximately five offers. Data from [NAR] and [Redfin] corroborate that in February 2024, there was an average of 2.7 offers for every property sold, mirroring the figures observed in both January 2024 and February 2023. This sustained level of competition underscores the enduring demand for housing despite shifts in market dynamics. There’s still more demand than supply, with nearly at 3 to 1 ratio of buyers versus listings.
9. First-Time Buyers Didn’t All Bail. Despite the formidable challenges, first-time buyers persist in the market. In February 2024, they accounted for 26% of home sales. By comparison, this figure would range between 30–35% in a typical market. Stop saying that interest rates scared all the buyers away.
Time to get to work! Are you on track, ahead, or behind with 25% of 2024 behind you? If you’re in momentum, join Premier Coaching to stay in momentum. If you’re off track or unsure of your future this year, join Premier Coaching!
