May 2024 Market Update

As May rolls on, the Spring Market is coming into full swing here in Northeast Ohio. In the last month alone, I've had a significant uptick in calls for both seller and buyers alike. As is typical in the area, Spring and Summer typically have the most number of transactions and highest volume. That's rung true so far and its gearing up to a very busy June here at Barmann Homes.

The data above for Cuyahoga County has a mixed back of information. Year over year, listing are up 2.8%, homes are selling a day faster on average, and the median sales price is up 5.5%. These increases, while not huge, do indicate that inventory and prices are continuing the upward climb we like to see. Homes are selling faster than before, which means most homes are going under contract within a week or less of going on the market. What this means is it's a great time to sell, and buyers need to be ready to make a quick decision and expect to have stiff competition.

The one piece of data I think is interesting is that fact that pending sales are down 13% year over year. What that means to me is that the month of March wasn't as strong as 2023 and we are seeing the results of it now. Since then, I have seen a major increase in my listing and buyer activity. April and May have been some of the busiest months I've seen since getting my real estate license.

The guidance I'm giving my sellers at the moment is to take advantage of the limited inventory while you can. If there's no similar homes to yours on the market at the moment, it could be best to list now rather than wait a month or two and work on minor touchups. The market is on your side and use it to your advantage. For buyers, I recommend a consultation with an agent and a strong plan to how to win in this market. The only buyers who are winning are those who are prepared, motivated, pre approved, quick, and willing to write a competitive offer.

I'm seeing a lot of my buyers and sellers win in this environment. If you have any desire to make a move in 2024 (selling or buying), please let me know. I'd be honored to sit down over coffee and see how I can help you achieve your goals.

Cheers,

Pat