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The Fall Slow Down! As we are heading into the winter we are seeing that the number of home sold since August 2023 has been decreasing. In spite of this we are still considered to be in a Seller’s market due to our low inventory levels.
October 2023 was a Seller’s market! The number of for sale listings was down 45.8% from one year earlier and up 3.2% from the previous month. The number of sold listings increased 20% year over year and decreased 29.4% month over month. The number of under contract listings was up 68.2% compared to previous month and up 85% compared to previous year. The Months of Inventory based on Closed Sales was 1.3, down 57.6% from the previous year.
The Average Sold Price per Square Footage was down 1.1% compared to previous month and down 0.8% compared to last year. The Median Sold Price decreased by 12.5% from last month. The Average Sold Price also decreased by 9.4% from last month. Based on the 6 month trend, the Average Sold Price trend was “Neutral” and the Median Sold Price trend was “Neutral”.
The Average Sold Price per Square Footage is a great indicator for the direction of property values. Since Median Sold Price and Average Sold Price can be impacted by the ‘mix’ of high or low end properties in the market, the Average Sold Price per Square Footage is a more normalized indicator on the direction of property values. The October 2023 Average Sold Price per Square Footage of $358 was down 1.1% from $362 last month and down 0.8% from $361 in October of last year.
The Average Days on Market showed a neutral trend, a decrease of 35.1% compared to previous year. The ratio of Sold Price vs. Original List Price was 97%, an increase of 3.2% compared to previous year.
The Sold/Original List Price Ratio Remains Steady
The Sold Price vs. Original List Price reveals the average amount that sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. This month Sold Price vs. Original List Price of 97% was up 1% % from last month and up from 3.2% % in October of last year.
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Feeling confident and secure in your real estate decisions is paramount. Buying or selling a home can be a complicated and stressful process. I will diligently guide you through the real estate process from beginning to close.
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