Each Friday, Russ Anderson, the president and CEO of Briggs Freeman Sotheby’s International Realty writes about luxury, trends, business and more in the advertising pages of the Mansion section of The Wall Street Journal. Below is his letter of January 19, 2024.
FROM THE PRESIDENT'S P.O.V.
How about some good news?
As 2023 wound down — a year where less home sales and still-too-low inventory served as the norm — the fourth quarter saw us entering a period of welcome transition. More new listings began coming on the market, which meant that single-family unit closings and dollar volume also demonstrated improvement relative to the past several quarters. That increase in new listings is a sure sign that total inventory will soon rise. In turn, the market should loosen up and buyers should have more options.
At this moment, though, demand is still outpacing supply, and higher home prices are the outcome of that imbalance. We don’t know how long this window of opportunity for sellers will last, because we expect to see a more normalized market in 2024 — one more closely aligned with the market before the pandemic.
What could all of this mean for you? Come find out at our unique and interactive briggsfreeman.com/market-updates. There, you’ll find lots of valuable market information for every popular neighborhood in North Texas, including median sales prices and the average number of days that homes are on the market.
But I have a better tip than that. Talk to any one of our agents. Speaking with one of these skilled pros is the best step you can take, in any market, anytime.
President and CEO
Briggs Freeman Sotheby’s International Realty