Real Estate Recap November 2023

I just wanted to take a moment to reflect on our local market in November.  All the same trends that have been happening for most of 2023 continued in November, no real surprises.

New listings were 5.7% ahead of November 2022, which was a good thing.  Also pending sales were 25% above November 2022, which is a very good thing.  Closed sales in November were down 4% from November 2022, 95 this year versus 99 last year.

The average sales price rose 18.8% from last year to $446,926 in November, while the average listing price for homes rose to $485,908 this year.  Cumulative days on the market until sales rose 10.3% from 39 in November 2022 to 43 this November.

Our inventory of homes for sale in November fell from 268 in November 2022 to 224 this November.  This decrease in inventory resulted in a 2.6 month’s supply of homes compared to a 2.8 month’s supply of homes in 2022.  A balanced market (same number of buyers and sellers in a market) is usually considered between a 5 to 6 month’s supply of homes for sale.

As I mentioned at the beginning, the same trends seem to continue month after month.  Our shrinking supply of homes for sale, contrasted with a persistent supply of buyers, continues to put pressure on home prices, pushing the average home price higher and higher.

Whether you’re thinking about selling or buying, or just have a question, we can help you navigate our market.  Just give us a call or an email, we’re happy to help.