November 2023 Real Estate Market Summary

November 2023 Real Estate Market Summary
  1. Market Activity:

    • Sold Listings: Slightly decreased by 3.03% year-over-year, from 33 to 32 sales.
    • New Listings: Significantly dropped by 40.98%, from 61 to 36 listings, indicating fewer new properties entering the market.
  2. Pricing Trends:

    • Average List Price: Increased substantially by 18.25%, from $422,464 to $499,559.
    • Average Sale Price: Followed suit with a 17.36% rise, from $398,236 to $467,382.
    • Price to List Price Ratio: Remained fairly stable with a minor decrease of 0.20%.
  3. Time on Market:

    • The average days on market increased by 49.97%, from 76.58 to 114.84 days, suggesting a slower pace in property transactions.
  4. Inventory and Supply:

    • End of Month Inventory: Slightly rose by 0.93%, totaling 325 available homes.
    • Months Supply of Inventory (MSI): Grew by 24.98%, indicating a shift to 7.94 months, which suggests a market with more options for buyers.
  5. Market Dynamics:

    • The report indicates a market with a higher absorption rate, based on an average of 41 sales per month.
    • The current market conditions show a balance of 82.07% active listings, with the rest comprising sold and other off-market listings.

Implications for Buyers and Sellers:

  • Buyers: The increase in average list and sale prices, coupled with a higher MSI, suggests a market where buyers have more choices but face higher costs. The extended average days on market also provide buyers with more time to make decisions.

  • Sellers: While the average sale price is favorable, the reduced number of new listings and longer time on market indicate the need for competitive pricing and effective marketing strategies.

This summary provides a snapshot of the current market, highlighting key trends and shifts. It's crucial for both buyers and sellers to understand these dynamics to make informed decisions. As always, working with a knowledgeable real estate professional can offer deeper insights and guidance tailored to individual needs in this evolving market. ​

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