By Michael Citron
As a real estate professional, my daily goal at Parrot Realty involves staying deeply connected with the pulse of the local housing market. It’s an ever-evolving market, especially in a booming community like Parkland, where every shift matters. In this market update, I’ll provide an insider’s perspective on the key trends and crucial takeaways currently influencing our local real estate scene and provide some key statistics that have affected the market year-to-date as we bring the 3rd quarter to an end.
One of the most striking trends of recent times has been the shift in year-to-date sales figures, which have seen a 10% decrease compared to the previous year and even higher in some other cities nearby. It’s a clear sign that the real estate market dynamics are evolving. But what’s been particularly notable is the time homes are now staying on the market, with an average of 49 days before going under contract. This marks a substantial 45% increase in time on the market from the previous year at just 27 days. It’s a clear indicator that buyers are becoming more discerning as they are taking their time to make informed decisions.
Amidst the backdrop of extended time to contract, Parkland’s real estate market demonstrates remarkable resilience. Year-to-date, we’ve seen a steady 2% increase in median sales prices since 2022, which now stands at $1,170,000, year to date. This trend showcases the enduring appeal of our city as a prime residential destination. Despite economic fluctuations and rising interest rates, buyers are still willing to invest in Parkland for their families, drawn by its exceptional offerings. Last year, the pessimistic predictions by major economic and real estate industry leaders were foreseeing the market crash and for housing values to diminish. According to Keeping Current Matters, it seems experts are telling a different story in 2023 and into 2024.
Pricing for Success: The key takeaway here is the vital importance of correctly pricing homes right from the start.
Lingering on the market not only affects a property’s final sale price but also introduces added challenges for both buyers and sellers. It’s essential to recognize that buyers today are primarily concerned with monthly housing payments impacted by higher mortgage and homeowner’s insurance rates. Therefore, my advice to both sellers is to make properties more appealing in light of these financial considerations using the buy-down programs to present new avenues for buyers to get the home they dream of with an affordable payment.
Currently, Parkland homes are being sold at 4% under the initial asking price. Imagine how many buyers would be in the market if they could still pay a higher price but receive some help in the form of seller closing cost credits to assist in helping to buy down their mortgage interest rates and closing costs. As a result. sellers can use the 4% to their advantage to attract more buyers by offering to buy down their loan and seal the deal. Finding that sweet spot where a property’s value aligns with a buyer’s budget is the key to success in this evolving market. Sellers can also use our unique marketing to ensure receiving the most amount of buyers through their doors.
Parkland’s real estate market remains vibrant and growing! As we continue to navigate the real estate market through the rest of the year, I’m excited to see how these trends evolve. My commitment is to provide you with the knowledge and guidance to navigate this shifting landscape successfully. Together, we can make informed decisions, whether you’re buying your dream home or selling a property you’ve cherished for years. Stay tuned for more updates, and feel free to reach out if you have any questions or need personalized advice on your real estate journey. Please also stay informed.
If you would like to speak with me directly, just click here to set up a discovery call, and we can navigate you through your real estate journey.
If you’d like a free consultation on getting your home’s value or to get guidance on best practices for purchasing a home in the coming months, then please feel free to reach out to me directly by either calling me at 954-609-0591 or emailing michael@parklandparrot.com.
You can also visit our home value page at myparklandhomevalue.com for an instant valuation. I will follow up with you, and we can schedule an appointment to talk further.
Buy & Sell With Confidence!
Michael Citron – Owner & Realtor of Parrot Realty
