DECEMBER 2023 – RESIDENTIAL SECTORS SEE DIP IN AVERAGE SALE PRICES YEAR-OVER-YEAR
In the month of November our local real estate market has seen continued growth in the number of active listings available. The Months Of Inventory level has even reached a high point near numbers we haven’t seen since April 2020! As we head into the winter season and average prices trend lower, it creates a great opportunity for buyers to take advantage of a less competitive market and take their time selecting their perfect home.
In November 2023, we saw an decrease of 8% in residential property sales over the previous year, while our total listing inventory increased by nearly 27% to 2,374 listings in total. Currently, the overall average price (all residential property categories combined) is sitting 1% above the average during the same time last year, landing at $861,728.
The table below shows the breakdown on where the 230 total monthly sales came from, and shows the total inventory levels for each property category.
On average, it is taking right around 57 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 11% coupled with a 25% increase in inventory over November of last year.
The average price for the month remained above the Million Dollar mark, however pricing did take a small dip of nearly 2% below last Novembers average price.
TOWNHOUSE MARKET UPDATE
The townhouse market has continued to remain in high demand. Despite an almost 12% increase in inventory townhomes are still only making up less than 14% of all available listings. The average sale price finished at $674,871 – a 13% decrease from the average of the same month last year.
CONDO MARKET UPDATE
The condo market has also seen a decrease in sales in comparison to this time last year. However, we do continue to see significant increases in inventory this year over last. The sales decreased by about 14% while the inventory increased by 31%.
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 11th month of 2023 went compared to the same time periods in the previous 3 years. In November of 2022 there were 7.4 months of inventory whereas this year we are seeing 10.3. This means we are continuing to sit in 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!
