June 12, 2024

June 2024 Newsletter

June Bliss: Embracing Summer Joys and Real Estate Insights

June has ushered in glorious weather, painting our skies with stunning hues of blue as we embrace our summer passions. Whether you take a leisurely stroll or opt for a thrilling ride around town, you'll encounter a myriad of happy faces indulging in outdoor activities like walking, running, hiking, cycling, or paddleboarding. Golf courses bustle with activity, further highlighting the blessings of living in this vibrant community, cherished by both residents and visitors alike.

Reflecting on the real estate market's performance in the first five months of 2024 reveals a notable strength, boasting a substantial 38.9% increase in total sales compared to the previous year. While this surge surpasses the lackluster performance of 2023, it falls short of the historic highs witnessed in the post-COVID years of 2021 and 2022. A closer examination, considering the five years preceding the pandemic, unveils a modest 3.5% increase in sales compared to the average figures from that period. What's the takeaway? We're observing a return to more typical market dynamics, with a slight seasonal uptick in inventory. However, it's worth noting that a greater inventory could potentially drive sales even higher, given the pent-up demand among buyers eagerly awaiting suitable properties.

Our current "months of inventory" metric remains notably low at just 2.21 months. This metric serves as a key indicator of market health, calculated by dividing the total number of homes on the market by the number of units sold in a month. Ideally, a balanced market typically sees a months of inventory figure ranging between 3 and 6. A figure below 3 indicates a seller's market, while anything above 6 suggests a buyer's market.

Considering these market dynamics, now presents an opportune moment to list your property if you've been contemplating it. Rest assured, we're here to provide personalized insights into where your property stands amidst this evolving market landscape, helping you determine the optimal timing for your listing.

Lastly, we deeply appreciate your referrals; assisting friends and family of our valued clients brings us immense joy, and we're committed to delivering exceptional service to each and every individual we have the privilege to serve.

Check out what's happening around town this month HERE