Comparing last September to this September shows some surprising similarities and differences.
In 2022, the average sales price of properties in our area was $356,124. A year later, the average price is up by almost $20,000 with an average price of $374,968.
September 2023 saw 7.4% fewer closings than last year with 1,465 sold properties versus 1,582 sold properties in 2022.
Total supply of properties for sale continues to creep up with 3.4 months of inventory for sale in 2023 versus only 2.7 in 2022.
Last year, there were 1,448 new construction properties for sale in September. This number peaked in December at more than 1,800 new construction properties on the market. Last month, new construction is back down to 1,371 properties for sale.
What does all of this mean?
As every month fluctuates, our market appears to be flattening out. The last 12 months have seen ups and downs in almost every category. Are there ways to capitalize on timing in the market? Sure there are. But that depends on your circumstances and your goals. Average sales price went up in a year where a lot of people were predicting a bust due to rising interest rates. In our market specifically, there’s almost always a demand to live in a low-tax, great weather area.
For sellers: inventory is still low and prices are going up. It will take more time to sell your home but with the right marketing and pricing strategy, you can sell your home in a market that still favors sellers.
For buyers: while inventory is low, you are no longer pressured to make an immediate decision and remove contingencies from your offer. New construction continues to be a great option while builders are offering incentives.
As national numbers and other market data in other parts of the country are cherry picked to cause fear and generate clicks, please know that Adrianne and I are here to help you with any questions you have about the current real estate market.