August Market Report

Dear Neighbor,

Selling a cherished home, particularly one with significant value and many memories, is a high-stakes and often emotional decision. The process can be daunting, given the need to protect privacy, minimize disruptions, and stay informed of the dynamic and unpredictable market conditions.

For many of us, our homes are our largest financial asset. It is important to understand the local market and its impact on the value and sale of your home. You don’t want to leave a transaction of this magnitude up to chance and you’re right to want the facts.

Here are the top things you need to know:

New listings and closed sales are down.

Closed sales are down 15.2% from last year while new listings in Myers Park also decreased 1.3%. These numbers suggest a less dynamic market, where activity from both buyers and sellers has diminished. This can impact pricing trends, days on market, and overall market sentiment.

With less properties available and fewer buyers closing deals, sellers might need to adjust their pricing expectations. When sellers ask for more than buyers are willing to pay, it can lead to fewer successful transactions. A solid strategic pricing and marketing plan ensures you sell quickly and avoid letting your home linger on the market.

Days on market increase for the first time since January 2023.

Days on market increased 25%. They are still remarkably low at 5 and the housing supply remains at 1.7 months. Buyers may be becoming more cautious or selective, possibly due to changes in financial conditions or market trends. Homes may be priced too high for current market conditions, leading to fewer offers and longer times on the market.

Homeowners looking to capitalize on the current market demand will be putting a pricing and marketing strategy in place now to secure the highest possible sale price.

Despite other changes in the market, prices are still rising.

Although, we are feeling a softening in the market, demand and low supply in Myers Park continue to place pressure on prices pushing the median sales price for single family homes up 23.8% from last year to $2,000,000.

This high demand really demonstrates the importance of pricing and marketing your home strategically. The last thing you want is for your property to linger on the market or to sell at a price lower than its potential value.

As a homeowner, what does this mean for you?

If you are thinking of selling in the next 12 months, preparing now gets you the results you deserve and avoids the stress you don’t need.

This is likely your largest personal investment. You can rely on me to provide professional direction and support throughout the entire transaction. With in-depth knowledge of the market, property values and local trends, I will help you make well-informed decisions as you navigate the complexities of the real estate transaction.

From day one, the weight of this transaction is lifted from your shoulders. We start with your customized strategic marketing plan and go from there. To maximize your ROI, I can help connect you with top-notch professionals to help you ensure your home can win the highest possible price. And when it’s time to go to market, I combine detailed market research with proven marketing strategies to get you the best possible price in the least amount of time.

If you are thinking of selling your home in the next 12 months, call me today for your initial, no obligation consultation > 704-604-1210

We will cover your goals, my unique approach to getting you the highest possible price in the fewest days on market, and if it’s a fit, next steps from there.

Call today > 704-604-1210

To your success!

Stephanie Cline
Belle Properties
belleproperties.com
stephanie@belleproperties.com
704-604-1210

Myers Park Market Highlights for July 2024

*Source: Canopy MLS through 07/31/2024