As we enter March 2024, the real estate market has activity and notable developments. Let’s explore the latest insights and trends shaping the landscape for homebuyers and sellers this month.
Insights from the Field
FHA/VA Assumable Loans: Homebuyers seeking to capitalize on low rates may find FHA/VA assumable loans attractive. However, be prepared for varying experiences and timelines, ranging from two weeks to over three months, depending on the loan servicer.
Spring Market Frenzy: With the arrival of spring, the housing market frenzy is back in full swing, especially for homes priced in the sweet spot. It’s common to see multiple offers within days of listing, reflecting heightened buyer interest and competition.
Condo Market Shift: The condo market has transitioned into a buyer’s market, driven by escalating HOA fees attributed to insurance costs and elevated mortgage interest rates. Currently, there are nearly 1000 condos for sale priced under $500k.
Quick Stats Snapshot
- Average Active Listings: February typically averages around 12,671 listings (1985-2023).
- Record High and Low Listings: The record high for February was in 2006, with 25,484 listings, while the record low was set in 2022, with only 1,226 listings.
- Active Listings Increase: Historically, there’s a decrease in active listings from January to February, averaging 0.29%. However, February 2024 saw an increase of 13.14%, marking the second-largest percentage increase on record.
As we analyze the market dynamics of March 2024, it’s evident that both buyers and sellers are navigating through shifting trends and opportunities. Stay tuned for further updates as we monitor the evolving real estate landscape in the upcoming months.
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