OCTOBER 2023 – FALL USHERS IN A CALM TO THE LOCAL MARKET
Heading into the fall season we have been watching home sale numbers steadily decrease, while we continue to see growth in the numbers of our listing inventory. This comes as no surprise, as the cooler months historically lead in a slower pace to the real estate market.
In September 2023, we saw an decrease of 20% in residential property sales over the previous year, while our total listing inventory increased by more than 15% to 2,453 listings in total. The overall average price (all residential property categories combined) is sitting nearly 18% below the average during the same time last year, landing at $796,160.
The table below shows the breakdown on where the 264 total monthly sales came from, and shows the total inventory levels for each property category.
On average, it is taking right around 60 days to sell a home, depending on the property type.
SINGLE FAMILY HOME MARKET UPDATE
In the Single Family Home bracket we saw a sales decrease of 24% coupled with a 15% increase in inventory over September of last year.
The average price for the month remained above the Million Dollar mark, while also coming in nearly on par with last Septembers average price.
TOWNHOUSE MARKET UPDATE
The townhouse market has remained in high demand. Despite a 17% increase in inventory townhomes are still only making up 14% of all available listings. The average sale price finished at $710,740 – a nearly 9% decrease from the average of the same month last year.
CONDO MARKET UPDATE
The condo market has also seen a significant decrease in sales in comparison to this time last year. We continue to see increases in inventory this year over last. The sales decreased by 28% while the inventory increased by only 7%.
SUPPLY & DEMAND
The months of inventory levels are our best way to determine the strength or weakness of the market…and to recap our benchmarks:
Less than 4 Months of Inventory is a Seller’s Market
4 to 6 Months of Inventory is a Balanced Market
More than 6 Months of Inventory is a Buyer’s Market
We’ve been tracking the Months of Inventory – the graph below outlines how the 9th month of 2023 went compared to the same time periods in the previous 3 years. In September of 2022 there were 6.4 months of inventory whereas this year we are seeing 9.3. This means we are sitting in the territory of a buyers market at this time.
What does all this mean? Is now the time to make a move? I would love to discuss what may be right for you – Please feel free to reach out any time!