Study some insightful data from the first quarter of 2024 from our newly released report: Market Trends From Around the Sound. You can find out how categories like average days on the market, levels of supply, and the median sales price compare through a year-to-year analysis within 16 of the region’s distinct communities.
The final quarter of 2023 presented a market that has weathered continual challenges throughout the past two years. In October, mortgage rates peaked, hitting their highest in over two decades. Although they proceeded to decline, finally dipping below 6 percent, sellers were hesitant to list their homes and lose their lower interest rates, particularly those who took advantage of the record lows seen in January 2021. Buyers were similarly discouraged by high rates and the lack of inventory. However, despite the obstacles, those who were determined to find their dream home were rewarded with less competition and more negotiation power.
As we respond to this time of uncertainty, brought on by the Covid-19 pandemic, it is important for us to consider not only our own health, but the health of our clients and the community at large. As trusted and experienced real estate advisors, we have quickly pivoted to guide our clients through a completely new home buying and selling experience.
RISMedia recently released their “28th Annual Power Broker Report,” which outlines current and future market trends in addition to their top 500 list of power brokers. I am proud to report that Realogics Sotheby’s International Realty ranked #285 on the list, with $770,863,297 in sales volume in 1,038 transactions with 5 offices and 142 agents (as of the report date).
