Buyers, we have seen some great deals happening. The seller concessions are a great tool to increase affordability, both with closing costs and buying down the interest rate. Waiting for things to sour for sellers is a risky gamble and could cost over the long term.
Sellers, be cautious with pricing and negotiations. Several indicators are suggesting softening conditions for you. Triple check your buyer’s qualifications. A small change could risk a financing issue if the buyer is cutting it close.
Active Listings - 15,832
We are pretty flat at the moment. While they have been increasing since the beginning of the year, they have only increased by about 600 since the beginning of March. This is the most stable we have seen this metric in quite some time!
Listings Under Contract - 8,884
This is your buyer demand. We have been trailing behind 2023 numbers, but tracking right along with seasonal patterns. Nothing to see here folks, just a mild market at the moment.
Contract Ratio - 56.1
CR is stubbornly hanging in the mid-50’s. We were around 84 this time last year. That means our demand is lower, compared to our supply.
Cromford Market Index - 110.9
This number seems to follow public sentiment and interest rates. You can see the hopefulness of rate drops in the beginning of the year. Each time we see the FED come out with a report, the optimism comes back down a bit. Current trajectory would put us in a balanced market by August, but I don’t predict that will happen.
For more detailed statistics and trends, check out our Facebook post here, where you can find visual representations of the data.
Additionally, if you’re interested in a comprehensive market update, feel free to watch our latest video on YouTube here. Stay tuned for more updates!