Welcome to Market Talk! I’m Liz Moore, President of Liz Moore & Associates, and today we’re going to talk about what’s happening in our local real estate markets as we move into the new year in 2024.
I’ve heard some reports that the U.S. will record the lowest number of sales in 2023 since 2008. The real estate market was definitely off last year, but it did NOT feel like 2008. There are a number of reasons for that: first of all, the pace of the market remained steady, because unlike 2008 there was plenty of buyer demand.
Back then, we had over 2 years of inventory available – last year the needle moved from less than 1 month to approaching 2 months. The result of that was that nearly one third of the market experienced multiple offers – good for sellers, not so much for buyers.