Ukiah Real Estate Market Update: Q1 2024 vs. Q1 2023

Hey Ukiah friends! Kasie Gray here, your local realtor. Today, we're diving into the Ukiah real estate market for the first quarter of 2024, comparing it to the same period in 2023.

Market Snapshot:

• Inventory: There were slightly fewer homes on the market in Q1 2024 (40) compared to Q1 2023 (45).
• Sales: Interestingly, one more home sold in Q1 2024 (37) compared to Q1 2023 (36).
• Price per Square Foot: The average price per square foot saw a modest increase, reaching $332 in Q1 2024 compared to $295 in Q1 2023.
• Days on Market: Homes are selling slightly faster in 2024, with an average of 87 days on the market compared to 99 days in 2023.
• Sold vs. List Price: This is a new metric! The average sold vs. list price in Q1 2024 was 80%, indicating more competitive pricing compared to the 93% seen in Q1 2023.
• Average Sold Price: The average sold price remained relatively stable at $543,000 in Q1 2024 compared to $450,000 in Q1 2023.
• Months of Inventory: Currently, Ukiah sits at 3.2 months of inventory, inching closer to a neutral market compared to 3.8 months in Q1 2023. (Market Definition: 1-3 months = Seller's Market, 3-6 months = Neutral Market, 6+ months = Buyer's Market)

What it Means for You:

• Buyers: With slightly less inventory and a decrease in sold vs. list price, competition might be heating up a bit.
• Sellers: While the market is still favorable, some adjustments in pricing strategy might be needed compared to the previous year.

Ready to Make a Move?

Whether you're buying or selling, I can help!

• Thinking of selling? Get a free home valuation by clicking the link below.
• Need pre-approval? I can connect you with a trusted lender.

Stay Informed:

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Have Questions?

Don't hesitate to reach out! I'm always here to assist you on your real estate journey.

See you next time!

Links:

• Free Home Valuation: www.kasie.realtor/evaluation
• Thinking of Selling? www.kasie.realtor/sell
• Get Pre-Approved: Connect with Kasie for a trusted lender recommendation. www.kasie.realtor/lenders