(February 2, 2024) The National Association of Realtors conducts the Realtor Trust Index survey, which collects information from real estate agents about local market conditions based on their interactions with customers.
With 1,855 people responding to the December survey, RCI's market outlook for buyers and sellers continues to gain positive momentum.
• A total of 33% of respondents expect buyer traffic to increase year over year in the next three months, up from 16% one month ago and 12% a year ago.
• A total of 25% of respondents expect seller traffic to increase year over year in the next three months, up from 12% last month and 9% a year ago.
With supply still limited relative to demand, 16% of homes sold above list price, down from 19% last month and flat from 16% a year ago.
• A total of 56% of respondents reported that their property was sold within one month. This is down from 62% in the previous month and flat from 57% in December 2022.
• Homes listed had an average of 2.4 offers, down slightly from 2.6 offers last month and up slightly from 2.2 offers in December 2022.
Contracts typically close within 30 days, which is the same as last month and a year ago for this period.
But some have faced delays and terminations.
• Contracts canceled in the past three months totaled 5%, about the same as the previous month and flat compared to a year ago.
• A total of 6% of contracts were delayed due to valuation issues, down slightly from 7% in the previous month and flat compared to a year ago.
Contracting activity remains competitive:
• A total of 29% of buyers made all-cash sales, up from 27% last month and slightly up from 28% last year.
• A total of 24% of buyers waived contingency inspections, up from 18% a month ago and flat compared to a year ago.
• A total of 15% of buyers waived appraisal contingencies, down from 19% a month ago and 18% a year ago.
— Lauren Bunting is the broker of record at Keller Williams Realty in Delmarva, Ocean City.
