This market underscores the need for a vigilant eye on industry trends.
November 2023 showed that there are shifting trends and evolving dynamics in the market. Let’s delve into the key statistics shaping the housing market.
The current active listings stand at 18,050, marking a 15% decrease from the 21,206 recorded last year. This reduction in available properties reflects a changing landscape.
This year showcases 5,867 pending homes compared to 6,352 last year, signaling an 8% decrease. The market is witnessing a slowdown in homes moving from listing to pending status.
Homes under contract have seen an 8% decrease, and closed homes are projected to reach 72,605 this year, down from 89,926 in the previous year—a notable 19% decline.
Our supply of inventory now stands at 3.5 months, down from 3.9 months last year, indicating an 11% decrease. This suggests a tightening of the market with fewer available homes.
“Will more homes enter the market to meet increased demand?”
A key factor influencing market dynamics is the fluctuation in interest rates. In October, rates reached 8%, but they have since eased, currently hovering in the low sevens. This downward trend may attract more buyers to the market. As we approach the new year, the critical question is whether more homes will enter the market to meet potential increased demand. The first quarter of 2024 will likely provide insights, with interest rates playing a pivotal role in shaping the year’s trajectory.
Despite the decrease in the number of homes sold, sellers are still fetching favorable prices for their properties. With limited options for buyers, it presents an opportune moment for those contemplating selling their homes. For anyone considering buying or selling a home, now is a crucial time to act. Sellers can capitalize on the current market conditions, while buyers may want to explore their options before potential changes in the landscape.
As we look towards 2024, the first quarter will unveil the trajectory the real estate market is set to take. If you or someone you know is navigating the real estate landscape, feel free to share this information. If you have any questions, contact me at 602-738-9943 or send me an email. I look forward to hearing from you!
