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 May 2024, which is the most recent real estate market statistics released by Sierra Nevada REALTORS®.

First, let’s take a look at the 2024 Year-to-Date Market Review vs. 2023’s Market Review through May 2023 (graphic shown below). On the whole, this report indicates a stable, appreciating market with tight inventory. The Median Sales Price jumped 5.6% in the first five months of 2024, compared to the first five months of 2023 (remaining on pace with April’s numbers shared in our last Market Update). Also consistent with the rising Median Sold Price Per Square Foot (from $290 YTD in 2023 to $311 YTD in 2024), this data continues to be good news for Home Sellers.

While Closed Sales declined fractionally, one of the biggest stories continues to be the marked decrease in Median Days To Contract–coming in at only 13 days for January through May 2024, an 8-day drop from the same period in 2023. Home Sellers are likely feeling the shortening days to contract, as long as their properties are priced right and presented with the keen eye of an experienced professional.

Percentage of List Price Received continues to increase in strength from the same time period a year ago, climbing nearly a full percentage point from 98.2% to 99.1%.

Take a look at the raw data below:

After absorbing the data, what does this mean for Home Sellers and Home Buyers? There are definitely bright spots for Sellers, and there are increasing bright spots for Buyers. Let’s dive in:

If you’re a Home Seller who is considering making a move this year, even though Active Inventory and Median Days to Contract are both increasing, Median Sales Price and Median Sales Price Per Square Foot also continue to climb, and despite a growing number of New and Active Listings, inventory remains in short supply. In other words, if you’re thinking about selling this year, it is a GREAT time to do so. And, because the market is fluid and constantly changing, it’s also crucial that you hire an experienced agent who deeply understands market dynamics to optimize your list price and net proceeds while minimizing hassles and stress.

If you’re a Home Buyer, marry the house to capture the appreciation that is certainly evident in our market, and opt to date the Mortgage Interest Rate! Buying a home (and homeownership in general) is one of the most effective ways to create and preserve generational wealth. That means, you’re in this for the long haul–you have the long game in mind.

As either a Home Seller or Home Buyer, if you have questions specific to your situation, we’re always happy to sit down with you, listen to your needs, and put together a plan to help you reach your goals. Contact us today if we can help.

Both Home Sellers and Home Buyers 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 for our clients. Contact us today.