Housing Market Surprise?

As insight, last year in November 2023, Active inventory was a record high totaling (355). This November ended with (412). That’s a year-over-year increase of 16%.  That’s substantial, yet not a concern today because of these, (291) were New Homes. And, this is a product of growth. However, the Resale ended at (121). In short, the totals are high, yet this is not a concern, so long as Sales keep pace. You’ll find out below if they did…

RESALES:

An interesting month! The Average Sales Price DROPPED by 13% in just one month! Yet, the Average Price Per Square foot rose and the Months of Supply decreased. So, mixed results. Obviously, the major concern is Sales Price. However, this could be an aberration. Let’s hope so, and not the start of a trend. We’ll just have to see what Santa Brings!

NEW HOMES:

The results and the past trend for the New Homes has best been described as consistent. Not so in November though. Sales Prices declined along with Price Per Square Foot. However, the total number Sold increased dramatically by 40%, and the amount of Supply decreased. Easy explanation why. As indicated last month, New Home Builders slash prices at the end of the year which lowers Sales Price but increases velocity of Sales. So, look for more bargains in December.

WHEN TO SELL?

This has been a very volatile market for the last couple of years. Velocity of Sales, Days on Market, and Home Prices vary almost on a month-to-month basis. Moving forward, the Election will now have a significant impact too. So, if you would like a FREE market analysis to see what your home is worth, just reach out to us. We’d be pleased to help you. We’ll also provide insight about the current market and when is best to buy or sell.