Hey there, this is John Poltrock with the Poltrock team at Re/Max, your number one real estate team. And I’m excited to share with you that we are your number one team yet another year running. We were able to serve 233 families who trusted us with the sale of their property. I can’t tell you how much I appreciate you for giving us business, sending us business, referring us. You are the heart and soul of our business, so thank you for that. And I want to share with you in this Sold Show what’s happening in the real estate market as a whole.

Before I jump into that, I would love your help. We need real estate agents or people that you think would make amazing real estate agents to join our team and help us best serve our clients. We’re growing and we definitely need help. So if you know someone or can think of someone, real estate agent now or not, that you think would make a great person to fit our team, please send them my way.

So be thinking of that. Now, let’s jump into real estate. What’s happening in there? How did 2023 go? What’s going to happen in 2024? It’s an election year. All these things are running in people’s heads and I’ve got all of our stats and figures and all the stuff that I nerd out on and I’ll put a lot of this in the link below if you’re one of our subscribers. If you’re not one of our subscribers, be sure to go to our website, ThePoltrockTeam.com and add yourself to this list that way you get all these great stats, all the sold properties and a lot more information than what you find on the internet with this video.

So, that being said, last year, 2023, finished out down in comparison with what it has in the past. 666 houses sold in the year That’s an odd number, but that’s what sold in the year. In 2022, 759 houses sold. And before that, and the record that has ever been set here was 812 houses sold in the year of 2021. That is staggering. We may not meet that number ever again. Who knows? But it has trended down just a little bit compared to what we saw in that hike and getting back to a normal, healthy market.

Now, what’s interesting is when I compare what happened as far as stats over those years, 2023 finished out really strong. You’ve got a total supply of three months of inventory. That means that we’re still in a seller’s market. Inventory is short compared to what it has been.  The average house price finished out at $314 ,079. That is little changed from the prior year, which was $311,380, which was a percent or less of difference. So prices are staying very, very stable compared to what we’ve seen.

Now what’s interesting is sellers are trying to ask for more. The average asking price this past year was $322,958, but the year prior was $304 ,900.  So, sellers are getting a little bit higher of a spread versus what they’re getting. And that shows up in the list to sale ratio. It’s come down a schmidgen, but not a lot. On average, our sellers are getting 97.19 % of what they’re asking for in their price. And last year, year, or the 2022 I should say, was just over almost 98%, not quite. So it hasn’t changed much. It’s holding very, very stable.

Now, what I thought was particularly interesting is I jumped in, I said, okay, that’s what last year did. What should we expect for 2024? You know, this is an election year. What’s gonna happen? So when I ran the numbers on exactly what happened for 2023, all the way through January 1st, or February 15th, right now, we are down 7.53 % in new listings, about 7.53 % in new listings. That means that people are not putting their houses on the market in the same volume that they did.

Pending sales are only down 7%. That’s almost a negligible amount at all. What’s interesting though is that actual closed sales, meaning the transaction happened, recorded at the courthouse, it’s done. That’s down almost 23%. That’s a pretty substantial number. Only 47 have closed in 2024 with 61 that would have closed in this same time frame in 2023.

Median sales price right now is sitting around $299,800 and closed volume is right at $15 million dollars down almost a similar number of 22.45%. Days on market is ticking up compared to what it had last year. We’re right now sitting on an average of 170 days on market so far this year compared with last year at 125, which has been normal and steady and pretty solid for years prior to that. So these are all these changes that we’re making, but what I’m wondering is, is how does that stack up compared to an election year?

Well, interestingly enough, I decided to pull back some of our archives going back to the volume of houses that have sold compared to an election year and the year prior. What I thought was fascinating and honestly didn’t expect is that on average, years go up an election year is 10.8% higher than what it was the year before. So typically speaking and looking forward, if we match history, we’re going to go up this year in terms of total volume. So do expect another good year. Don’t care what side of the political fence that you fall on, it’s just stats and numbers, my friend. That’s how it looks like it’s gonna be.

So that being said, there’s so much more I’d love to share with you. If you have questions about your property and how all of this relates to your specific house or property feel free to give me a call. Shoot me an email at [email protected] and we will absolutely be here to help you every step of the way when you get ready to sell your property or if you just like a market update and to know what specifically is happening for you.

Thank you. Thank you for everything you do for us. Please continue to recommend us, refer us. And again, if you’re a subscriber, I’ve got all kinds of goodies right below plus one of the worst floods that I’ve ever seen in my entire career in a house with a burst pipe that is a wild video to watch. So if you’re not a subscriber, be sure to jump on the PoltrockTeam.com request to get yourself at it and we’ll send that to you and know that we are always here for you. Thank you for choosing the Poltrock Team. Take care.

Curious how these numbers affect your home’s value? Connect with a trusted Murphy NC real estate agent for personalized insights today.

Want to see the full breakdown and hear it straight from John? Be sure to watch the Sold Show February 2024 video below for all the insights and updates!