April 2024 Compared to April 2023
The statistics seen in April 2024 compared to 2023 are astoundingly similar. I had to look at the numbers several times to believe them!
I looked at the number of condos and single-family homes sold; the median and average sales price; the percentage of the asking price that sellers received at closing; and the median number of days on market before a contract was signed.
In April of 2023, 106 homes sold while 108 sold in 2024. The median sales price in 2023 was $472,500 compared to $471,500 in 2024. The average sales price in 2023 was $535,380 and in 2024 it was $534,886. Sellers received 101.95% of their asking price in 2023 compared to 100.34% in 2024. This is the one statistic that is quite a change year-over-year. The median days on market in 2023 were 5 and 7 in 2024.
Let’s look at it in more of a chart form for ease of comparison:
April 2023 = 106 homes closed
April 2024 = 108 homes closed
April 2023 = $472,500 median sales price
April 2024 = $471,500 median sales price
April 2023 = $535,350 average sales price
April 2024 = $534,886 average sales price
April 2023 = 101.95% of asking price
April 2024 = 100.34% of asking price
April 2023 = 5 median days on market
April 2024 = 7 median days on market
As you can see, the market year-over-year in April is flat. What does this mean for the consumer? We cannot take one month and make an assumption that there is a shift in the market. However, I looked at January through the end of April, comparing each year, and found these statistics: the median sales price in 2023 was $445,000 and in 2024 was $460,000. Not much of an increase. The average sales price in 2023 was $524,312 compared to $516,502 in 2024 which was a small decrease of 1.5% But this is a direction we have not seen for some time.
While we are still seeing some multiple offers if a house is priced properly, it appears that there is some softening in the market. Perhaps the drop in the percentage sellers received of their asking price is an indication of softening too, or it is possible that it is an indication that sellers are pricing their homes correctly. The other possibility is a softening luxury market has caused the median and average sales price to be affected. I will keep looking at the statistics to see if next month continues with the same pattern.
