As the leaves fell in November 2023, so did some of the predictability in our real estate market. Let’s dive into the fascinating world of housing trends for this month and uncover the stories behind the numbers.
November Year over Year (YoY) Home Sales
This report is based on market data pulled from the MLS as of December 20th 2023.
| Year | Sold Homes | Avg. DOM | Avg. Price | Avg. Assistance | Avg. Price/sqft |
|---|---|---|---|---|---|
| 2023 | 206 | 45 | $456K | $15.1K | $194/sqft |
| 2022 | 210 | 31 | $445K | $16.6K | $186/sqft |
| 2021 | 361 | 20 | $414K | $8.8K | $181/sqft |
| 2020 | 306 | 18 | $365K | $8.7K | $161/sqft |
| 2019 | 217 | 54 | $340K | $11.2K | $144/sqft |
🏡 The Market Pulse: Sales on a Seesaw
Intriguingly, November 2023 saw 206 homes changing hands, a slight nudge up from 210 in the same month last year. Yet, it’s a stark contrast to the bustling activity of November 2021, with 361 sales. What’s causing this see-saw effect? Is it the echo of economic shifts or a new market rhythm emerging? The answer might be hidden in the interplay of various factors shaping buyer and seller behaviors.
⏳ Time is of the Essence: The Longer Wait
Sellers, brace yourselves! Homes lingered on the market for an average of 45.88 days this November. That’s a leap from the brisk 31.68 days in 2022 and even further from the swift 20.42 days in 2021. This slowing pace could signal a shift towards a buyers’ market or perhaps a more cautious approach from buyers. Whatever the reason, it’s a trend worth watching for anyone looking to sell.
💲 Price Tags: The Upward Curve
Here’s a twist: Despite the market’s ups and downs, home prices continued their steady climb. The average sold price reached a notable $456,908.65. This upward trend, consistent since 2021, hints at an underlying resilience in the market. Demand remains robust in certain segments, keeping home values buoyant even as other indicators fluctuate.
🤝 Negotiating the Deal: The Changing Face of Seller Concessions
Sellers, take note: The average concession dipped to $15,095.20 this November, down from last year but still higher than 2021. This shift in the negotiation landscape could mean a more balanced playing field is emerging between buyers and sellers, reshaping the art of the deal in real estate.
📏 Measuring Value: The Steady Rise of Price Per Square Foot
Finally, let’s talk about getting the most bang for your buck. The price per square foot, a key indicator of value, rose to $194.40. This steady increase is a beacon of hope for homeowners, highlighting the enduring value of property investment.
🌟 Final Thoughts
November 2023’s real estate market paints a picture of change and adaptation. From the ebb and flow of sales to the elongating days on market and the steady climb of home prices, these trends are a reminder of the market’s dynamic nature. Whether you’re buying, selling, or simply observing, these insights offer valuable guidance in navigating the ever-evolving real estate seas.
Stay tuned for more updates and analysis as we continue to decode the mysteries of the housing market together!