Happy Fall 2024
Fall is finally here, bringing cooler weather, vibrant foliage, and a sense of fresh beginnings! It’s the perfect time to embrace all the season has to offer. Whether you’re in the mood for exploring a local pumpkin patch, taking a scenic hike to enjoy the changing leaves, or cozying up by the fire with a warm cider, there’s something magical about autumn. Try a weekend apple-picking trip, get lost in a corn maze, or simply enjoy a brisk walk in the crisp air. Don’t forget to visit your local farmers’ market for seasonal produce and fresh-baked fall treats. Let’s make the most of this beautiful season!
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#1 Agent in Danville 2022 – 2023
#1 Agent in Blackhawk 2013 – 2023
The following economic indicators have large ramifications for the housing market, the national economy, and the confidence people have regarding the future.
The Federal Reserve Bank just reduced its benchmark rate for the first time in over 4 years. As illustrated below, once it determines that a change is warranted, the Fed can make significant adjustments quite quickly.
Interest rates have dropped substantially and it is commonly believed they will continue to decline in the near future – but predicting interest rate changes can be challenging to even the most qualified economists.
Probably the most critical economic trend is that inflation has dropped to its lowest reading since early 2021, and getting close to the Fed’s target of 2%.
Since mid-July, stock markets have seen some dramatic volatility, but as of 9/19/24, the S&P 500 and Nasdaq were both way up year-to-date, and the S&P and the Dow (not illustrated below) hit new all-time highs.
The national median house sales price since 1990: August was slightly down from the recent peak in June 2024 (a normal seasonal trend).
The U.S. median condo/co-op sales price since 2000: August was slightly down from the recent high in June 2024.
As is the usual seasonal trend, the monthly number of new listings continued to fall from the spring high. Year over year, new-listing activity in August was basically flat compared to August 2023.
The quantity of homes for sale has been rising and in August hit its highest monthly count in almost 4 years – but the number remains low by long-term standards.
Sales volume in August declined from July and year-over-year, but August sales generally won’t reflect the effects – still to be determined – of recent changes in economic conditions, such as the considerable decline in interest rates.
Months Supply of Inventory is a measurement of buyer demand vs. the supply of homes for sale, i.e. how long it would take to sell the current inventory of listings at the existing rate of sale. With active listings up and sales volume down, MSI has increased to a 4-year high, which is a shift to buyers’ advantage.
Those homes which sell typically go into contract relatively quickly, but not quite as quickly as in spring or compared to the very heated market of the pandemic boom.
The same trends in demand illustrated above in median days-on-market are also found in the average number of offers received on listings sold: Cooler market conditions than in spring, much cooler than during the pandemic boom.
The number of price reductions ticked down in August from July, but is generally running higher than at any time since the effect of soaring interest rates in 2022.
Please let me know if I can ever be of assistance to you, your family, friends or colleagues.
Wishing you a great day ahead, may you achieve whatever you have planned for today and the rest of the year.
A recent sale I facilitated never fully made it to the market but still generated multiple offers as a “Coming Soon” listing. With the home still being prepped for a full market launch, we only had exterior photos to showcase, yet the property garnered significant attention. Leveraging my experience and strong negotiation skills, I was able to generate interest and create a competitive atmosphere, leading to multiple offers. Through strategic conversations and careful positioning, we secured a non-contingent deal before the home was officially listed, resulting in a sale without tracking any days on market, proving the power of timing and expertise in a fast-moving market.
Happy October!
Wishing you all a fantastic start to the month filled with crisp autumn air, cozy moments, and lots of pumpkin-flavored treats!
Here are a few fun facts about October:
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October is National Pizza Month in the U.S.—a great excuse to enjoy your favorite slice!
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The birthstone for October is the opal, symbolizing hope and purity.
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In many places, the fall foliage is at its peak in October, making it the perfect time for scenic drives and outdoor adventures.
In Other News
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In 1970, government safety-net money accounted for significant income in fewer than 1% of America’s counties (Economic Innovation Group). By 2022, 53%—more than half of all U.S counties—drew at least a quarter of their income from government aid. The big reasons for this dramatic growth: A much larger share of Americans are seniors, and their healthcare costs have risen. The counties that rely significantly on government spending tend to be small, but are still home to nearly 22% of the U.S. population. More than 17% of Americans are ages 65 or older, up from about 10% in 1970…..this will be up to 25% by 2060. (WSJ)
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While those living in coastal areas are acutely aware of hurricane risks, most don’t realize that hurricanes often travel inland – often deeply – can cause extreme rain events and flooding, trigger tornadoes and cause untold damage to property and neighborhoods. Western North Carolina is reeling from the effects of Hurricane Helene that became a tropical storm as it traveled inland. Those who live inland everywhere may need to re-evaluate flood insurance.
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A sizable effort is being made to harvest seeds of native plant species: Invasive plants can do extensive damage to ecosystems and increase fire risks. But native plants can reduce both risk and damage from wildfires. Fire-resistant landscaping emphasizes low-growing, deep-rooted, moisture retaining plants.
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Gold-rushes, Arms races, Oil-rushes…..now we are in the midst of a power rush as technology companies scramble to secure massive swaths of power for their tech, especially A.I….. will EV’s be the victim? Who has more power to sway policy: tech companies or car manufacturers? For decades consumers have been encouraged to reduce power consumption with LED lighting and energy efficient systems/appliances…..many data centers use the same amount of power as entire large cities. Who is picking up the tab? (WSJ)
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The US economy grew at a 3% annualized pace in the second quarter, a faster rate than Wall Street had expected. The Bureau of Economic Analysis’s third estimate of second quarter US GDP was unchanged from the second estimate which had shown 3% annualized growth. (WSJ)
*AI-generated images may not accurately represent the specific details or characteristics of any real-life entities or situations and are intended for illustrative purposes only.
