The March 2024 Sales and Price Report is in and there are some big takeaways for would-be home sellers! California Association of Realtors reports the statistics on the housing market on a monthly basis and typically the numbers are finalized by the middle of the following month. Before getting into the concrete data, we can share that from personal experience, these statistics parallel what we are seeing in the local real estate market.
“While home sales lost momentum in March, the housing market remains competitive as we’re seeing the statewide median home price reaching the highest level in seven months, and homes selling quicker than last year,” said C.A.R. President Melanie Barker, a Yosemite REALTOR®. “On the supply side, the market continues to improve with an increasing number of properties being listed on the market as more sellers begin to accept the new normal.”*
First of all, 47 percent of sales in March 2024 closed over list price. That’s right — almost half of the homes that sold, sold for more than asking.
Next, the price per square foot reached the highest level since May 2022. For March 2024, price per square foot was $424. We have all seen that cozy bungalow home that isn’t even 1000 square feet fly off the market, so this makes sense.
The Median Number of Days to Sell was 19 days for March 2024, just under 3 weeks. This could be viewed as a healthier pace than the 2020/2021 market when many homes were on the market for just a few days — which created pressure for buyers and sellers to respond within hours to every document and offer submitted.
In addition, new listings continued to grow above last year’s level by double digits. Median Home Price for March 2024 was $854,490 which is the 11th time in the last 12 months that the median home price was over $800K.
