October 2023
Looking at October, we mostly see similar trends and relatively flat metrics in most areas. There were, however, some areas of improvement over 2022. There were 44 homes sold in October 23, compared to the 5-year-average of 60 homes. Comparing this year to last year, though, there were only 48 homes sold in October 2022, so it was relatively flat. There were 44 new pending sales in October 23, compared to the 5-year-average of 52 for the month of October. Compared to 2022, New Pending Sales were up 25% in October 2023. There were 50 new listings in October 2023, compared to the 5-year-average of 53 for the month. While Active Listings are down compared to the average for October, there was only a 4% drop in Active Listings compared to October 2022. Average Days on Market continues to be lower than past years, with most homes selling in 48 days in October 2023.
Year to Date – January-October 2023
Looking at the year so far, there have been 15% less homes sold than in 2022. Both average and median prices remain relatively flat. Given the high number of $1M+ homes, it can be beneficial to look at the median sales price for a more realistic picture of the overall market. Where the average sales price in 2023 is $605,834, the median sales price is $410,000. Condo and townhome sales are down 24% from last year, showing an opportunity for an sellers in those areas. Days on Market continues to skew towards the low side, but we are seeing more even distribution for homes on the market 60+ days. That being said, 56% of homes are stilling selling in 30 days or less, with 35% selling in 10 days or less.
Sellers
Several market trends still point to a strong market for selling. With the large majority of homes still selling in 30 days or less, it shows strong buyer interest has remained consistent throughout the year. Another great indicator is that New Pending Sales in October rose above the same time frame last year. Buyers are more savvy than ever – there are several vital aspects to selling your home that can make all the difference when it comes to getting maximum attention and an offer that you’re happy with. In a recent NAR homebuyer report, 100% of buyers used the internet to search for homes and spent an average of 10 weeks looking for a home. Your home’s online presentation matters! The agents at Railey Realty spare no expense to make your home stand out, combining professional photography, videography, drone photography, and social media specific walk-through videos. Pricing your home is another key part of the listing strategy – that’s what gets your home immediate attention and action. Only local, experienced agents are able to accurately price your home for our specific market. If you have an agent back home, or are an agent yourself, consider getting a referral to a local agent! You need boots on the ground and experience in our market to have the best representation.
Buyers
Interest rates have steadied but are not likely to drop any time soon. If you’re interested in purchasing a home in the near future, there most likely won’t be a ‘better time.’ Keeping in mind that the average buyer last year searched for 10 weeks, starting your real estate search early and with a local REALTOR will help set you up for success when the perfect home does come on the market. There is less buyer competition than in the past few years, but a low DOM shows that homes are still moving quickly. The perks of working with a local agent – especially one at Railey Realty? As the largest and highest producing team of agents in the area, your agent will not only learn about new listings prior to them hitting the public market, but they’re also experts in our area and work in real estate full-time. More than half of the buyers last year used an agent for the specific purpose of finding the perfect home. At no cost to you, your agent represents you and has your best interest in mind!
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