Market Update

Update 1st quarter of 2024.

Currently we are on the pace to sell 388 properties in 2024. However, the inventory stand at 1346. This means that there are 3.47 ties the inventory than we will actually sell this year.  Or said another way, only around 29% of the properties for sale will be sold this year if we continue at the current pace. Since the beginning of 2023 (now 15 months of data), there was only one week where there were more sales than new listings. In San Miguel, Time on Market has always been measured in months compared to days in the US and Canada, but currently we have three and one half years of inventory on the market.

Wht will push prices down?

The high inventory compared to actual sales will keep pushing prices down.  Many sellers will hold out for the higher sales price, but as I have learned in my almost twenty years in San Miguel real estate, there are always sellers who will either just want to move on or have financial pressures that will cause them to drop their prices.

What will push prices up?

Inflation! Because of the massive dollar printing it cost more dollars to buy the same thing that it did last year.  This will keep upward pressure onprices but probably won't be enough to completely offset the downward pressure that the high inventory brings.

What this means to sellers?

The main thing that sellers need to understand is that only 29% if the properties that are currently for sale will actually sell this year.  You will be competing against sellers who are under financial pressure to sell or who purchased many years ago and can lower their prices and still walk away with a profit.  You need to really consider your price if you are needing or wanting to sell. If you have doubts, we would be happy to talk to you about a sales strategy that will meet your goals.

What this means to buyers?

Throughout all of 2023 every new listing seemed to push the limits on price and we saw huge price increases.  However, with the current high inventory it appears prices have stabilised.  For the first time in months, the Average New Listing Price is comparable to the Average Closed price where in most of 2023 the Average New Listing Price was often 10% or more above the Average Closed price.  2024 will see the market shift to more of a Buyer's Market.

The good news for buyers is that if you can't win the property you want with the first offer, there will be plenty of other options and perhaps you will find a seller more willing to negotiate on the price. The exception to this is for the homes which are in excellent condition and location. They always seem to attract buyers who are willing to pay a premium.

  

You can receive email notifications of properties for sale that fit your specified criteria?

You can make it as broad or narrow as you choose. Most clients just use a price range, but it is also possible for example to only receive notifications for properties that have a ground floor bedroom or perhaps a specific property ID number.

Go to Advance Search

Select the criteria of your interest and Search.

Then click Notify Me of Changes at the top of the results page.

Register your email and submit.

Any time there are new listings or price changes for properties within your specific criteria you will receive an email the next day with links to each property.

It's easy to Unsubscribe with one click.

If you are a Seller, you should subscribe to this list with a price range slightly lower and slightly higher than your property for sale.  This will keep you aware of the properties that are your competition.