While projections indicate that the influx of new listings should reach last year’s levels during the latter half of this year, there’s still a noticeable delay. Buyers continue to face extended waiting periods and intensified competition due to the persistent scarcity of top-quality listings.
While the market frenzy may not be as vigorous as it was the previous year, an impressive 61% of last month’s closed sales were at or over the full asking price. Sellers presenting pristine, move-in-ready properties consistently receive their premium asking prices. Buyers fortunate enough to find these outstanding listings must craft equally standout offers to beat their competition.
In April, 45% of completed sales surpassed the full asking price, while 16% met it and 39% fell below. Compared to 2022 and 2021, our market cycle is demonstrating a delayed trend this year. We anticipate reaching the peak for over-asking sales in a few months.
Using a Tortoise and the Hare comparison—last year’s market had an extremely rapid start but abruptly dropped off in June and through the balance of the year. This year’s market has had a slower launch, but business is expected to be more consistent and fade slower in the second half of the year.
