April Stats vs Last Year

Although Closings were down last month, they were still up 12% versus

the same month in 2023. Given that the last two months of Pending home

sales were slightly negative, it would be expected. 

Although Pending sales were flat in April, they have been improving the

last couple of months, and they were still up 8% from two years ago.

The market mover, though, is inventory. Last month not only saw the

highest number of Active homes on the market since August 2018, but the

highest April supply since 2016. Therefore inventory is going to

continue to climb throughout the remainder of the year. 

Even though prices have remained elevated, the limited demand and ever

higher inventory WILL start weighing on prices. I’m beginning to see some

signs currently that prices in some areas are starting to decline.

It will begin on the outskirts of the metro area and move inward.

This is great news if you are a Buyer who’s been sitting on the sidelines.

It’s also good news for Sellers who will also need to purchase.

Seller’s should consider “cashing in” on your equity while it’s at the peak.

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Here are the numbers (vs LY):

Closings: DOWN 6%

Inventory: UP 42%

Median Sales Price: UP 4%

Pending Sales: FLAT 0%

Days on Market: 23 (vs 17)

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Looking forward to working with you when you decide to buy or sell.