I’m guessing that our local NSDCC inventory has to be at least 10% higher in 2024 than it was this year. Heck, it would need to grow +20% just to get back to the same number of houses for sale in 2022!
Bill agrees that we should see more listings in 2024:
Somewhat lower mortgage rates – and time – will likely lead to more new listings in 2024. Still, mortgage rates will remain well above the pandemic lows, and therefore new listings will be depressed again in 2024.
The bottom line is inventory will probably increase year-over-year in 2024. However, it seems unlikely that inventory will be back up to the 2019 levels. Inventory is always something to watch!
So far, there have only been 73 NSDCC closings this month, which is well under the 110 sales last December. The median sales price is 11% higher, but with such low volume we can’t make much of that statistic. The current inventory is so picked over that it’s impressive there are that many sales.
Read Bill’s Ten Questions for 2024:
https://www.calculatedriskblog.com/2023/12/ten-economic-questions-for-2024.html
