The March 2024 real estate market turns out to be a mixed bag of messages…possibly amounting to the beginning of the ‘typical’ Spring spike in number of homes on the market and an increasing number of active buyers.
What do I mean by mixed bag?For instance, the number of new home listings in the Watauga market is up, but the total inventory available is down from a month ago. Perhaps because 21 homes left the market unsold, but probably more so because the number currently under contract has risen significantly.
The number of homes sold in the Watauga market is about the same as for February. The days on the market for the sold homes is almost double that of February AND the average and median sales values are down significantly [compare Average Time to Close Properties in 2023 to Average Time to Close Properties in 2024 through March]. It’s been years since the average sales values have dropped. I think that doesn’t amount to a drop in value overall but rather to less homes selling in the higher value ranges. We’ll see what happens with April sales. Corresponding to that theory: the average square footage value also declined, after several years of steady increases.
View the Buying Pattern for 2023 and compare to the Buying Pattern for 2024 to see that sales in March are about 10% down in volume.
