For the first time in about four years, we are seeing an increase in inventory in the neighborhood with homes on the market for an average of 24 days. As of June 14, 2024, there are sixteen active listings in Solterra. The increase in days on the market is a byproduct of the higher interest rates driving up mortgage payments, thus resulting in less buyer demand in a what has historically been an extremely hot market for Solterra. I would not expect a huge drop in interest rates for the back half of this year as inflation is still an issue with the feds. If you are looking to move this year, it is key to get the listing price at fair market value or slightly below in order to move your property. Feel free to contact me if you would like to discuss this in further detail.
