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As real estate professionals, it’s our job to understand the numbers. As the spring season begins to take shape, we are committed to keeping you up-to-date on important trends in our market. Each month in our Market Update, we’ll take a deeper dive into select reports to show how these numbers affect you and your loved ones.
These graphics reflect numbers for March 2024, which is the most recent real estate market statistics released by Sierra Nevada REALTORS®.
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First, let’s take a look at Percent of List Price Received. For March 2024, the list-to-sales price received was 98.9%, which is an increase of 0.1% from last month and an increase of 1.1% from March 2023. Looking at the long-term graph, list-to-sales price ratios have been on an up-trend. This means that home buyers are willing to pay very close to the list price (good news for sellers), and it’s also indicative of a market with a low inventory of homes.
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With the Percent of List Price Received on the rise, you may wonder how many homes are closing above the list price…Well, that’s on the uptick, too. When we examine the Percent Closed Above List Price, we see that 17.0% of listings closed above their most recent asking price, which is an 11.9% increase from February and a whopping 25.6% increase from March 2023.
What does this mean for sellers? If you’re thinking about making a move this year, it is a fantastic time to sell your home. Between the low inventory and high demand for homes, sellers are receiving more for their homes right now than they have at any point this year, and competition among buyers is heating up. It’s crucial that you hire an experienced agent who deeply understands the market dynamics in order to optimize your list price and net proceeds.
What does all this mean for buyers? While it may sound a little intimidating with the analysis above, it’s actually a great time to purchase a home. First, mortgage rates have come down from their peak and are remaining relatively steady for the time being. Next, it will be extremely important that you have an experienced agent to walk you through the process, particularly in negotiations and in uncovering what is most important to the seller.
But, why is what the seller values so important? When your agent discovers what the seller values in an offer (and it’s not always a higher offer amount), you are at a significant advantage when it comes to getting your offer accepted. Buyers can win in this market too, but you need a skilled agent at your side.
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So, how fast are homes selling? Fast. When we examine Median Days to Contract, we see that we were at 15 days in March 2024. That figure is down 21.1% from February and down 16.7% from March 2023. So, even though new listings increased 1.1% year-over-year and a striking 18.5% month-over-month, buyers gobbled up the inventory more quickly, taking the Median Days to Contract lower.
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Next, let’s take a look at the number of Closed Sales which is decreasing year-over-year (down 15.1%) but increasing month-over-month (up 5.9%).
What does this mean? Essentially, this summarizes our low inventory environment, and yet it also illustrates that we are entering the seasonal period most popular for buying and selling.
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The Median Sales Price trend is pictured below, and it illustrates the story of home prices quickly and easily, spanning the last 10 years. Simply put, the median sales price in our area continues to make strong gains, both month-over-month and year-over-year.
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What does all of this data mean?
Both buyers and sellers can win in this market, and we are in the business of making that happen for our clients. We have a deep understanding of the local market and a knack for obtaining favorable terms in negotiations.
Think about it this way: an accepted offer on a home (for a seller or buyer) signifies a meeting of the minds–where the seller obtains what they’re looking for and where a buyer obtains what they’re looking for. When you work with HomeGate Realty, you’re working with professionals who understand how to blend a variety of needs to negotiate a win-win that results in an accepted contract and successful closing.
Have questions about how our local market affects your particular situation? Reach out to us today––we’re happy to share our wisdom, and we’d be honored to serve you.
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Alan Hoffman
Broker
(775) 742-2591
Alan@HomeGateRealty.com
www.HomeGateRealty.com
NV B.0026300.LLC
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Magda Martinez
REALTOR®
(775) 284-2615
Magda@HomeGateRealty.com
www.HomeGateRealty.com
Magda on LinkedIn
S.44936
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