Happy New Year! I hope you and your family had a great holiday season.
What a year we had in the 2023 real estate market. It was certainly different from what we saw in 2022. The average sales price pretty much stayed the same in December from previous months. Months supply of inventory dipped as expected during the holidays along with the total number of homes for sale.
It will be interesting to see what 2024 brings. Some economists expect a few rate drops throughout the year. If this happens, I predict a lot of the pent up inventory may start hitting the market. What I mean by this is homeowners sitting on lower interest rates finally deciding to make a move. The buyer demand will certainly be there. Will it create another bidding war frenzy? Only time will tell but stay tuned as we move through the new year.
See full market statistics attached below and don't ever hesitate to reach out if you have any questions about your home value, market conditions or a real estate related referral.
https://fmls.stats.showingtime.com/infoserv/s-v1/686O-Kq6
https://fmls.stats.showingtime.com/infoserv/s-v1/686Y-PYK
https://fmls.stats.showingtime.com/infoserv/s-v1/686t-kxK
https://fmls.stats.showingtime.com/infoserv/s-v1/68U8-9hv
https://fmls.stats.showingtime.com/infoserv/s-v1/68UP-8iw