Dramatically Improving Economic Indicators suggest a brighter 2024 housing market based on the first quarter!
In the first 3 months of 2024, the average, weekly, 30-year mortgage interest rate dropped from 6.79% to 5.75%. With the fall in inflation this past year, the Fed is widely expected to continue dropping its benchmark rate, probably in multiple steps, in 2024. The consensus forecast among analysts is for further declines in mortgage interest rates. As a result, the market is much more active with more listings and buyers anxious to get into homes closer to work too!
After its end-of-year rally, both the S&P Index & Nasdaq continues to be up 25%, especially with AI and tech stocks such as Nvidia chips. This plays a major role in Bay Area household wealth.
While more homes have been coming on the market, inventory continues to be lower than needed, based on the pent-up demand, resulting in multiple offers and sales within 10 days on average.
See the attached article with specific data on the 1st quarter market in Santa Clara:
*Article written by Patrick Carlisle of Compass
Chief Market Analyst
When rates start to decline, there will be an influx of buyers and sellers. Per lenders and top analysts, we are expected to get into the mid 5.5% range by the 2nd quarter!
Housing demand will be fueled by the largest generation of potential homebuyers – the millennials!
The average homeowner equity is about $274K
*Data provided by Buffini & Inman
SAN MATEO COUNTY
SOLD HOMES ↓22% YOY
AVERAGE DAYS ON MARKET ↑32% YOY
MEDIAN SALES PRICE ↑1% YOY
PRICE PER SQUARE FOOT ↓2% YOY
SAN MATEO COUNTY
SOLD HOMES ↓14% YOY
AVERAGE DAYS ON MARKET ↑1% YOY
MEDIAN SALES PRICE ↑1% YOY
PRICE PER SQUARE FOOT ↓3% YOY
SANTA CLARA COUNTY
SOLD HOMES ↓23% YOY
AVERAGE DAYS ON MARKET ↑11% YOY
MEDIAN SALES PRICE ↓2% YOY
PRICE PER SQUARE FOOT ↑2% YOY
SANTA CLARA COUNTY
SOLD HOMES ↓8% YOY
AVERAGE DAYS ON MARKET ↓24% YOY
MEDIAN SALES PRICE ↑3% YOY
PRICE PER SQUARE FOOT ↑6% YOY
She is personally committed to her clients’ success and her impressive results are in selling her listings within 10 days with multiple offers! Contact Lynn for a free consultation on your home.