April Update Highlights
April 04, 2024
Cromford Market Update with Tina Tamboer, Senior Analyst | The Cromford Report ™
| Supply | 29% below normal, up 3 points over the past 30 days |
| Demand | 20% below normal, flat over the past 30 days; Tina believes this is being suppressed by mortgage rates |
| New Listings | 8,357 – March (including Coming Soon); up 5% YOY |
| Listings Under Contract | Down 6% YOY |
| Accepted Contracts | 1819 – last week of February |
| Days On Market | 29 DOM at contract – March |
| Median Sales Price | $447,000; up 6.4% YOY |
| Annual Avg Sales Price/SQFT Appreciation | Up 8.4% YOY – fueled by luxury/larger homes – 4.9% YOY – under 2,500 SF (80% of sales in ARMLS) – 7.2% YOY – over 2,500 sf (20% of sales in ARMLS) |
| Price Reductions | 13% – last week of March |
| Sales Over Asking Price | 16% – March; up 1% from February |
| Concessions | 46% – March; 38-40% typical this time of year $9,200 – median; down $220 from February |
| Sale Price/List Price Ratio | 97.5% |
- We are gliding into a Balanced market. If the CMI continues at the pace it’s been for the last several months, we will be in a Balanced market by May.
- Mortgage rates have been suppressing demand for buyers and sellers (it doesn’t make sense for them to move).
- Our supply line is not far off pre-pandemic levels, but our demand needs to come up.
- 10 of the 17 major cities are Seller’s Markets; 3 of 17 are in Balance; 4 of 17 are Buyer’s Markets.
- The YOY appreciation rate is going to go flat.
- Buckeye is primed for growth, with multiple large employment centers on the horizon.
- Tina predicts that if rates drop below 6.5%, our demand will shoot up, and we could see a rebound in accepted contracts.
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Benefits for Agents:
- Ease Buyer Concerns: Highlight the opportunity for no-fee refinancing after six on-time payments of their new mortgage, helping clients look past current rates.
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| Partner with Bison Ventures: Let’s collaborate to turn the dream of homeownership into reality for more buyers. Contact us to learn how the Bison Refinance Program can be a game-changer for your business. |
Please feel free to reach out with any questions, and if you would like more detailed notes, please click here.