The most recent real estate market statistics are in from October 2023! Curious about what's going on in your local market? Below you will find some highlights, and a link to a full report of market activity from this past month. What is your home valued at in today's market? Get in touch and we'll provide you with a full custom home and local market assessment!
Key Market Metrics
MEDIAN SOLD PRICE (YTD): $750,000
LIST-TO-SOLD PRICE RATIO (YTD): 103%
MEDIAN DAYS ON MARKET (YTD): 54
NEW LISTINGS (October 2023): 1,228
SOLD LISTINGS (October 2023): 1,048
YTD = Year to Date
Key Market Change Highlights
Read the full report at the bottom of this article. Since this time last year..
List-to-Sale Price is softening - but still well over 100%. Coming in at average of 103% year-to-date, the list-to-sold price ratio has dropped almost two percent since this time last year, when it was 105%. This means that homes are still selling over the list price... but the statistics are indicating that the bidding wars driving this number over 100% is softening.
The median Sales price has increased by almost 6% compared to this time last year - up from $710K last year to $750K this year. Home values are still rising.
The Absorption Rate remains astonishingly low, hovering around 1 months' inventory. Absorption Rate is a measure of supply and demand, calculated by taking the number of homes sold in a month and dividing it by the number of homes on the market. For reference; in a normal market there should be an Absorption Rate of 6 months' inventory; lower than that indicates more competition among Buyers.
Sales Prices are up, inventory is low, competition is still high - if you're thinking of selling, don't miss this opportunity! Reach out to us today to find out what your home is worth!
View the Whole Report Below
The property information herein is derived from various sources that may include, but not be limited to, county records and the Multiple Listing Service, and it may include approximations. Although the information is believed to be accurate, it is not warranted and you should not rely upon it without personal verification. ©2023 Coldwell Banker. All Rights Reserved. Coldwell Banker and the Coldwell Banker logos are trademarks of Coldwell Banker
Real Estate LLC. The Coldwell Banker® System is comprised of company owned offices which are owned by a subsidiary of Anywhere Advisors LLC and franchised offices which are independently owned and operated. The Coldwell Banker System fully supports the principles of the Fair Housing Act and the Equal Opportunity Act.