RMLS Market Action Report: April 2024 / by Sasha Davies

The market continues to send mixed messages, represented by this weekly highlight infographic (with one week's worth of data) vs. the Market Action Report (showing the data from the month of March). Both because the data is for a shorter period of time and is more recent, the infographic is generally thought to be easier to interpret if you look at it weekly to see trends in real-time. 

In this latest infographic, from April 11-18th, you see that days on market are dropping quickly, and closed sales jumped up 10%. As this is only a comparison of this week vs. last week, it is hard to say if this trend will continue, but I do see many more properties coming up for sale, and the good ones are snapped up immediately with multiple offers...maybe not as many offers as we would have seen before, but enough to show that the market is hungry for good homes.

Interest rates continue to be the stalling factor for more sales, as folks with small down payments and large mortgages are losing buying power. Those with cash or large down payments are the most aggressive buyers in our market, as they are not as affected by rates.