In 2023, there was a notable surplus of 167 newly constructed homes that remained unsold. These properties, on average, lingered on the market for 157 days, with some experiencing protracted durations of up to 368 days. This trend raises questions about market dynamics.

*left over inventory from 2023 and highest areas of concentration

Moving forward to January 2024, the market witnessed a substantial influx of 95 newly listed homes. This surge prompts an examination of the underlying factors driving this increase. Are builders introducing new properties based on optimistic market projections, or is there a potential disconnect between agents and market demand?

Of the homes listed in January, only 31 successfully secured buyers, leaving a significant portion of properties awaiting purchase agreements. That is a mere 32.6%.  Note there are another 6 homes that are conditional, but that still doesn't identify to why so many homes are being listed. This observation for me underscores the importance of strategic market analysis and informed decision-making by both builders and real estate agents.

Timberlea emerges as a focal point within this discussion, boasting an average home price of $646,719 and an average size of 2,327 square feet. The swift turnaround time for sold properties, averaging just 4 days on the market, suggests a healthy demand for homes within this area. The phenomenon of properties receiving immediate offers upon listing further highlights the complexity of market dynamics and the necessity for builders and agents to remain vigilant and adaptable in their strategies.