October Market Summary
Posted By Rosette Garcia @ Nov 10th 2023 12:21pm In: Market Updates

As final numbers for October 2023 are available for review, we took a look in the rear view mirror and compared last month to October 2022. Click through to read the article and learn a few insights that might help you in the upcoming market.

Last month, the average sales price of all properties was $366,822 which is a light increase over the average October 2022 sold property of $365,450. In the months in between, the average price peaked at $386,387 and valleyed at $352,957, demonstrating that the market is constantly changing. However, compare that to October 2021 and the average price was $309,576. The average price of real estate close to the beach goes one way over time: UP. 

Will price come down? To answer that question, it’s important to look at inventory. In August, September and October of 2023, our months supply of inventory has plateaued at 3.5 months. Meaning, we haven’t gained any inventory over buyer demand in the last 3 months.

We’re headed in the right direction though with inventory: in October 2022, there were 4,442 properties for sale. There were almost 10% more properties for sale in October 2023 with 4,895. That’s a good sign for buyers that we’re slowly gaining inventory which gives them more options and helps control price. 

October is also the beginning of a seasonal slower market. Fewer people list their properties during the holidays and fewer people buy a property this time of year. This is reflected every year in the numbers. Don’t let national headlines use seasonal trends to scare you. The best way to compare months is to go by back at least one year or more. 

For example: October 2023 saw 7% fewer closings that October 2022. That is the clearest indication I’ve seen in the data to support the market is cooling. 

If you are considering buying or selling, we’d love to talk through your goals and discuss a strategy on how we can assist. We’re here to help!

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