Real Estate Trends: April 2024 market update

What a gorgeous April! The market has brought a lot of price reductions, a few lingering bidding wars and some new listings, as spring usually brings. The market is still tight, but the balance is shifting. While Sanders County has dropped slightly into a buyer's market, Trout Creek and Plains remain slightly sellers markets. On the whole, the pricing has stabilized through 2023 and 2024.

The days on market is climbing, price reductions are quite prevalent, while the number of listings is still quite low. Interest remains high, with signs of holding for the short term. To lessen your days on market, decluttering your home and bringing all maintenance items current so that your property shines against the competition, as well as pricing within the range the comparable sales reveal are key. Listening to the market is important as well. Through activity, the market tells you if you are on the mark.

On the horizon, the National Association of Realtors lawsuit looms regarding real estate agent/broker compensation structures. In the short term, it will be a bit chaotic, while in the long term, my opinion is that it will bring needed balance to the industry. For years, real estate has been a bit of a black box to buyers and sellers. Education regarding the roles, responsibilities and how the compensation works is needed. Should you have questions on this, contact me for my thoughts!