Stay Up-To-Date on Industry Trends & Forecasts
Did You Know?
- Lloyd’s – the world’s largest insurance marketplace, where thousands of companies, underwriters and brokers come together to price and sell billions of dollars of risk premiums every year – is booming in an ever riskier world; 2023 was Lloyd’s most profitable since 2007. Insurance has become increasingly more complex thanks to everything from a growth in cyber terrorism to rising debt levels, political populism, infrastructure and supply-chain disasters and two hot wars….and weather. One big challenge: when the rich self-insure – and don’t contribute to insurance premiums – those who do insure, mostly less rich, pay more…..(FT)
- Annual National Movers Study Reveals Where and Why Americans Moved in 2023
- States with Population Growth: State Net Migration & Taxes Comparison
- Tax Burden by State
Market Trends & Forecasts
- June 2024 Rental Report
- NAR Practice Changes to Take Effect Aug. 17
- June Monthly Housing Market Trends Report
- National Market Trends Flipbook
- Sonoma County Market Trends Flipbook
Market Update
June…the beginning of summer bringing graduations, weddings and vacations. We relish in the events and celebrations of this month but often find strange observations in the markets. Some aspects of the markets are up, some are down. In some, the entire market is up, in others, down. It is truly hard to get a handle on what’s happening. But, hasn’t it always been so in June?
In Sonoma Valley, the stats that we regularly measure – number of listings (11%), pending sales (19%) and median list prices (21%) were all up year over year. However, the median sales price was down 21% from $1,240,000 in 2023 to $980,000 this June, and the closed sales remained static at 31 units. Additionally, the average days on market this year was up to 53 days…a 22% increase.
Lastly, we looked at the months’ supply of inventory (MSI). The MSI is the metric that indicates the number of months it would take to sell the current inventory at the current rate of sales. An MSI ranging from 4.0 to 6.0 is indicative of a balanced market, with lower numbers increasingly favoring sellers and vice versa. At an MSI of almost 3.8 months, it appears we may be moving toward a more balanced market as inventory increases and sales stabilize.
Looking forward, the on again/off again speculation of the Feds lowering the interest rate continues to keep consumers on the “should-we-buy or should-we-wait roller coaster”. But, as the economic indicators show a weakening of the inflation factors the Feds track, we are hoping to see that change by early fall. Only time will tell if that will spur additional buyer activity.
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