April 5, 2024
The year is off and running and during the first quarter, the real estate market has been rebalancing. While it’s still considered a seller’s market, there are some cracks in the armor, which is great news for buyers who have been struggling with higher interest rates. Looking at the numbers, March 2024 was very similar to March 2023, though with a notable distinction. Last March typically the start of the seasonal market emerged as the peak selling month amidst a generally lackluster year.
April of this year is shaping up to be quite strong so it appears we're embarking on a far more promising year for sales and overall activity in 2024. Focusing on price, the best metric to understand where prices will go is the market absorption rate We can see from the Months Supply of Inventory graph that we are finally returning to the pre-covid levels of 4-5 months of absorption Anything below 6 months signifies a seller's market However, it's imperative to note our data points are for the entire geographic area Real estate is local and pricing is hyper local So you will likely encounter some neighborhoods where the absorption rate is over 6 months, placing that neighborhood in buyer’s market territory
Sellers should adopt a conservative approach to pricing amidst this rising market, coupled with a proactive stance on pre-listing property preparation Purchasing a home is an emotional journey, and potential buyers must resonate with a property on various sensory levels sight, smell, sound, touch, and ambiance This market will punish sellers who don’t prepare their home properly and reward those that do
I believe that’s how the average sales price for 2024 will be measured in retrospect. The percentage increase will just come down to the number of homes that were properly prepared and marketed versus houses that were brought to market as is. I anticipate witnessing a robust 15% uptick in closed activity within the pre-existing homes market by year-end.
Saraso ta County
Sincerely,
Charlot te County
Aaron M Bosshardt
The Q1 data for the Alachua County Single Family Housing market paints a picture of resilience and equilibrium While data shows a decrease in new home sales, there has been a significant increase in existing home sales, indicating robust demand and adaptability among buyers to the current interest rate environment, which seems to have stabilized around 7%
This trend could be reflecting several factors Buyers might be finding more value in existing homes, which could be priced more competitively than new builds, especially if construction costs remain high. Additionally, the increase in existing home sales might suggest that more homeowners are feeling confident to sell, perhaps overcoming the "gold handcuffs" scenario This term aptly describes homeowners who have seen significant appreciation in their property value and are hesitant to sell due to the prospect of higher interest rates on a new mortgage
Single Family Homes MARION County
Marion County's real estate market reflects a dynamic landscape fueled by rapid growth and diverse economic drivers The area's expansion is notably propelled by the proactive efforts of the chamber of commerce and the burgeoning influence of the world equestrian center, attracting both residents and businesses alike
The allure of Marion County extends beyond its economic prospects; it's increasingly becoming a haven for retirees seeking an enriching lifestyle amid Florida's natural beauty Despite facing a slowdown in 2023 that led to an excess inventory, Marion County's resilient market rebounded, demonstrating its capacity to absorb fluctuations and adapt to evolving demands With its blend of economic vibrancy, natural splendor, and cultural richness, Marion County continues to carve its place as a sought-after destination in Florida's real estate.
At Bosshardt Realty, our commitment to innovation and excellence in real estate marketing remains steadfast. Over the past six months, Bosshardt’s Marketing Team has been hard at work refining our strategies While we've embraced new digital tools and platforms, we remain grounded in our belief that traditional methods still hold value We've made adjustments, but we continue to use the tools both digital and print that work best for our customers
One of the most significant strides we've made is in our social media presence The engagement on our social media pages is up dramatically year over year, and we are outpacing the industry average for organic reach, providing maximum exposure for Bosshardt listings We continue to utilize Adwerx to promote listings and stay in front of prospective buyers Through targeted Adwerx campaigns, Bosshardt listings gained over one million impressions in Q1, ensuring widespread visibility for our listed properties
But it doesn't stop there To enhance our marketing arsenal, we partnered with Issuu to create digital interactive flipbooks of our Buyer and Seller guides This platform allows us to present Bosshardt’s marketing materials in a visually engaging and interactive format With features like trackable downloads, read time analytics, and customer capture, we're learning about what works and what doesn’t work
And the results speak for themselves In Q1, our digital seller and buyer guides have garnered an impressive 9,400 views, with an average read time of over three minutes! These numbers not only reflect the effectiveness of our marketing efforts but also the genuine interest from customers
As we enter a busy selling season, rest assured that Bosshardt Realty will continue to raise the bar and set new standards of excellence in real estate marketing.
