NOVEMBER 2023 – SEASONAL MARKET TRENDS CONTINUE
The real estate market has continued to follow the same trends this fall season: decreasing sales and steady growth in the number of active listings. This seasonal cooling off period has eased pressure on the local market, as the combination of increased listings and a slower pace is providing buyers with more time to consider their next move.
In October 2023, we saw an decrease of 13% in residential property sales over the previous year, while our total listing inventory increased by nearly 16% to 2,399 listings in total. The overall average price (all residential property categories combined) is sitting about 2% below the average during the same time last year, landing at $813,569.
The table below shows the breakdown on where the 263 total monthly sales came from, and shows the total inventory levels for each property category.
On average, it is taking right around 52 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 almost 12% coupled with a 13% increase in inventory over October of last year.
The average price for the month remained above the Million Dollar mark, however pricing did take a dip to 6% below last Octobers average price.
TOWNHOUSE MARKET UPDATE
The townhouse market has continued to remain in high demand. Despite a 3% increase in inventory townhomes are still only making up less than 14% of all available listings. The average sale price finished at $739,943 – a 10% increase 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. However, we do continue to see increases in inventory this year over last. The sales decreased by 19% while the inventory increased by 16%.
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 10th month of 2023 went compared to the same time periods in the previous 3 years. In October of 2022 there were 6.8 months of inventory whereas this year we are seeing 9.1. This means we are continuing to sit 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!