DECEMBER 2023
#1 – Average Sales Price: $409,126
The average sales price came in at $409,126 for the month of December. As we closed out the final month of 2023.This was an Increase in the average sales price by +$38,734. November’s average sales price was $370,392.
2023 in its entirety gave us an average sales price of $342,426. So December was a nice jump heading into 2024.
The outlook for 2024: As current interests rates have declined over the last few months and predictions of further decreases coming throughout the year, I predict that homeowners will be in a great spot to sell as home prices will increase.
The low inventory and pent up buyer demand will largely create the increase.
Buyers will have more opportunities and homes to choose from as well as sellers enter the market.
If you have any questions about what price your home will sell for, just let me know.
#2 – Number of Transactions: 59
The total number of transactions for December came in at 59. Which was higher than November (53) December is typically a slower month in terms of activity as everyone is getting ready for the Holidays and the New Year.
However, many people that have listed their homes throughout the year want to close before the year ends. For a few reasons, close that chapter their life, tax benefits, start the new year afresh, etc…
So even if the market slows down in December, we often see that sellers, buyers, and agents will do everything they can to get the transaction closed before the new year.
There were a total of 915 single family homes sold in 2023. Roughly 76 per month. Compare this to 2022 when there were 1070 single family homes sold. 155 less homes sold in 2023.
What is the outlook for 2024? The spike in interest rates kept home sellers from listing in 2023. However, as interest rates drop expect to see more sellers come to the market.
This will create more opportunity for buyers, but it will still be a low inventory market, giving sellers the upper hand in terms of home value.
#3 – Number of New Listings: 54
There were 45 fewer listings in December compared to November. As the December total new listings was at 50.
2023 saw 1051 New Listings compared to 1254 in 2022.
Expect listing numbers to remain around the same for the first part of 2024 with the usual jump in the spring.
Have questions about Selling or Buying?
Call/Text Joshua @ 931-345-2302
