RUIZ REPORT
HENDERSON COUNTY
December,2024Vol58.
Understandingthelocalrealestatemarketisoneofthemostimportantaspectsofbuyingorsellingahome.Whether you’redebatinghowmuchtoofferorifyoushouldacceptanofferyou’vereceived,marketknowledgeispower!
Makinganinformeddecisioninvolvesstayingcurrentwithboththe“macro-market”aswellasthe“micro-market”for youruniquesituation.OurKellerWilliamsProfessionalsagentspridethemselvesinbeingalocalmarketexperts,and oneofthemostimportantthingswecandoforourclientsistoempowerthemwiththatsameinformation.
Withthatinmind,we’vecommissionedthismonth’sRuizReporttomakesureyou’reasuptodateaspossiblewith currentmarketconditions,usingaccuratedatadirectlyfromtheMLS.Clickinganyofthepricerangesonslide4will takeyoutoavailablepropertiesonourwebsitesowecangetstartedASAP!
Pleaseenjoythearea’smostinformativemarketreport,onus.Don’thesitatetosendusane-mailatorgiveusacallat 828-254-7253ifyoushouldhaveanyquestions.
Sincerely,
JeffStewart TeamLeader
At A Glance: Volume
(vs. last month) (vs. this month last year)
NEW LISTINGS UNDER CONTRACT HOMES SOLD
Hendersonadded8lessnewlistingstothemarketthanittookoff (putundercontract),whichdecreasedtheoverallsupply.Home sales(closings)increasedinDecember,justrememberthatmanyof thosehomeswentundercontractinapreviousmonth.
At A Glance: Velocity
(vs. last month) (vs. this month last year) MEDIAN DOM MO. ACTIVE LISTINGS MO. INVENTORY
Thetotalnumberofactivelistingsdecreased7%comparedto November,50%ofhomeswentundercontractin27-daysorless, andatthisratethere’sabout3.4-monthsofsupplytogoaround. DecemberwasaSeller'smarket.
At A Glance: Pricing
(vs. last month) (vs. this month last year)
TheaveragepriceofahomeinHendersonCountywas $24kless thanitwasthistimelastDecember.Onaverage,propertiessoldfor 98%oftheirlistpriceatthetimetheofferwasmade,and96%of thepricetheyoriginallylistedfor.
Henderson In December
Learn the lingo
ActiveListings:Thisisthetotalnumberoflistings thatwereforsaleatanygivenpointduringthemonth.
UnderContract:Thisisthetotalnumberoflistings thatacceptedanoffertopurchaseduringthemonth.
UnderContract(%):Thisisthe“UnderContract” columnrepresentedasapercentageofthecounty.
PendingRatio:Thisratioiscalculatedusinga snapshottakenat11:59pmonthelastdayofthe month.Itusedtoshowapricerange’scompetitiveness bycomparingthenumberoflistingsundercontractto thetotalnumberoflistingsonthemarketatthetime thesnapshotwastaken(active+undercontract).
Monthsofinventoryrepresentshowlongitwould taketodepletethecurrentinventoryassumingnonew homesareputonthemarket.It'scommonlyusedto determinethehealthofaparticularmarket.
Between0-4monthsofinventoryisconsidereda seller'smarketbecausesupplyisrelativelylow,which meansthatsellershavemorecontroltosettermsor raiseprices.5-7monthssignalsa balancedmarketthereisahealthymixofbuyersandsellers.8ormore monthsofinventoryindicatesabuyer'smarket, whichmeansbuyershavemorenegotiatingpower
Volume & Activity
➔ The number of active listings decreasedby 7% in December. Total Active listings, the numberofpropertieslistedforsaleatany point during the month, was up 43% comparedtolastyear.
➔ Total homes under contract decreased 2% from last month, but Henderson had 32% morehomesundercontractinDecember thanitdidthistimelastyear.
➔ Overall volume was down 6% from last monthbutup41%fromthistimelastyear.
Listings & Pendings
➔ New listings decreased 28% from last month, but were up 23% from last December’snumbers.
➔ 2%lesshomeswentundercontract, but Henderson had more homes going under contractthanthismonthlastyear,up32%.
➔ ProTip:keepinganeyeonthedifference between homes added to the market (new listings) and those taken off (by goingundercontract)isthebestwayto gaugesupply&demand!
Home Prices
Themedianpriceisthe“middleprice,”meaninghalfofthehomessoldduringthemonthwerecheaperand halfweremoreexpensivethanthemedian.Theaverageprice isthetotalsalesdividedbynumberofsales.
➔ The average home price in Henderson County decreased 3%, and homes were valued 4% lower compared to last December.
➔ Thepositivehomevalueappreciationtrend seemstobeholdingdespiteinterestrates. Pro Tip: monthly price fluctuations are less indicative than annual trends for understandingmarketshifts!
➔ Theconsistentlyhigheraveragevs.median home price tells us that Henderson’s high-end market is strong, with prices significantly higher than the rest of the market.
Days On Market
➔ Homes went under contract 20-days faster, on average, than they did in November,andthemediandaysittook tosignapurchasecontractwas27-days (!!!).
➔ Homesbetween $300-349ksoldfastest in December, with a median12-days on the market, followed by homes in the $250-299krange,whichtookamedianof 13-days.
➔ Homes in Henderson are selling quickly due to a combination of extremely low inventoryandhighdemandforhomes.
ThemedianDOMisthe“middleDOM,”meaninghalfofthehomesduringthemonthwentUCfasterandhalf tooklongerthanthemedian.TheaverageDOM isthetotalDOMdividedbynumberofsales.
Contract To Close
➔ Contract to close time took an average of1-daysmorecomparedtolastmonth, whichwas8-daysslowercomparedtolast December.
➔ Homes valued valued up to $199k took among the longest to close. December closings data put that segment at around 165-days,onaverage.
➔ Homes valued valued between $800k-899k closed fastest, closing in ~18-days,onaverage.
Contract To Ca$h
➔ Sellers got paid an average of 19-days fasterafter listing their homes according to December sales data, but 25-days slowerthanDec.,2023.
➔ This decrease was mostly due to a reduction in time spent on the market (DOM) since the time spent during the contracttocloseprocesswentup.
➔ Homes valued valued between $1.5M-1.99M sold fastest, averaging 26-days,followedbythevaluedbetween $900k-999k price range which took 52-days,onaverage.
ThemedianContracttoCa$histhe“middlenumber,”meaninghalfofthehomesthatclosedduringthemonth gotpaidfasterfasterandhalftooklongerthanthemedian.TheaverageContracttoCa$h isthetotaltimeit tookacrossallpricerangesdividedbynumberofsales.
Methodology
DataforthisreportwaspulledfromCanopyMLSforSingleFamilyandCondo/Townhousepropertieson January 3rd, 2024. Realtors are required to update their transactions on the MLS within 48hrs, so while mostrecordsforthemonthshouldhavebeenaccountedfor,anyupdatesthatoccuredafterthereport was pulled will not have made the cut. This should not have a material effect on the data given the overallvolumeoftransactions.
Pleasesendmeane-mailifyouhaveanycomments,questions,requests,orcorrections.
Seebelowforsomerelevantformulas. MonthsInventory= Pending= ActiveListingsThisMonth 12-MonthPendingHomesAverage UnderContractEndOfMonth ActiveEndOfMonth