Sold Listings
December 2023 saw a total of 94 closings which is the least it has been since 2015, which is as far back as the software data goes.
Historical number of sales in December:
2015 – 176
2016 – 127
2017 – 130
2018 – 125
2019 – 172
2020 – 198
2021 – 148
2022 – 97
2023 – 94
We are seeing a marked decrease in the number of properties sold. But with low inventory, pricing remains steady.
Pending Transactions
December had 76 pending transactions which was the exact same amount as November. However, you can see from the chart these numbers are low which indicate that future number of sold units will also be lower than in the past.
New Listings
Many of my buyer clients are asking when more inventory is going to hit the market. You can see by this chart that there is clear seasonality to new listings hitting the market with the least amount of new listings coming on in December. Wait for spring for more properties to hit the market.
Pricing/Appreciation
Sales prices are continuing to hold steady. The charts below show median and average sales prices for trailing 12 months. Median price is $996,000 and Average price is $1.284m. Slight increases in values are continuing.
Median and Average Sales Prices:
Median T12M
Average T12M
My message remains pretty much the same! Values are holding steady, inventory is pretty tight, and interest rates and STR’s are the biggest considerations for buyers. Buyers – more inventory is coming this spring. If you are struggling with interest rates, we can discuss portfolio lenders who have better rates than brokers and also the concept of buying down the interest rates. Once interest rates go down, there will be more competition. Sellers – Days on Market (DOM) continues to rise so expect a longer holding time. Once new properties hit the market, you will have more competition, so you need to be priced competitively with a show-ready property.
We are working on YEAR END trends data and I’m hopeful to have the booklet by next month. Stay tuned!