April 2024 Market Statistics

 April 2024 Real Estate Market Report: Understanding the Trends

As we delve into the details of the residential real estate market across Bucks, Berks, Montgomery (Montco), Chester, Northeast Philadelphia (NEPHL), and Mercer counties, comparing April 2024 to April 2023, it becomes apparent that the market is dynamic and evolving. Let’s break down the data to better understand the trends:

Inventory Dynamics:

The inventory across most tracked markets has shown improvement year over year. This means more options for buyers and a healthier market overall. Here’s how the inventory fared:

Sold Units:

April 2024 reported stronger monthly results compared to the same period last year in most tracked markets. This indicates a healthy level of activity in the market. Here’s a breakdown:

Pending Contracts:

Most markets reflect an improving pending contracts picture year over year. This indicates growing buyer interest and a healthy pipeline of future sales. Here’s how pending contracts compared to April 2023:

Median Sold Pricing:

Across all tracked markets, the median sold prices have seen an upward trend. This is good news for sellers and indicates a robust market. Here’s the breakdown:

Year-to-Date Unit Volume:

While most markets still report dampened year-to-date results, there is an improvement in growth/decline rates year over year as we progress through early 2024. This shows a gradual recovery and growing market stability. Here’s how the unit volume fared:

Sold Average CDOM (Current Month):

Homes are selling more quickly across most areas compared to April 2023. This is a positive sign and indicates healthy demand in the market. Here’s the breakdown:

Sold/Opening List Price Ratios:

Market results correlate with fluctuating price increase trends and buyer demand. Here’s how the sold/opening list price ratios compared to April 2023:

Wrap Up of April’s Market

In conclusion, the overall trend indicates a market that is growing steadily but still showing signs of variability across different counties and regions. However, the market is robust, with healthy demand, improving inventory, and increasing median prices, making it an opportune time for both buyers and sellers.

Take a look at last month’s market report, here: https://cbhre.com/2024/04/30/march-2024-market

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