▪️ We are in a Buyers Market. The real estate sales in September traditionally increases after slower summer sales.  Unfortunately, this September did not see the anticipated traditional increase, largely due to the cost of interest rates.  Average pricing for September 2023, $940k, was higher than the last few months, and +8.1% from August. But that $940k number is skewed by a high priced sale in the month and a lower number of sales, smaller data set. With that valuable sale removed, the Avg Sale price drops to $897k.

▪️In September there were only 34 properties Sold, which is a significant decrease compared to the previous month's 43 properties sold. Its also lower than the 13 month average of 43. Additionally, when compared to the same month last year, there was another decease in sales, September 2022 = 45.

▪️Months of Inventory for September was up again significantly.  Now up to 5.9 MOI, up from the also high 4.2 MOI for August, which was the previous highest MOI of the year. The 13 month average of 3.2 MOI is a result of the low sales and high number of active listings.

▪️The average Days on Market (DOM) has varied over the past year. In the September, the average DOM was up to 29 days, which is an increase compared to August 21 days.  And September was just less than the 13 month average of 31 days.

▪️September was a disappointing month for real estate sales.  There are many Sellers who want to sell, but the high borrowing costs and market uncertainty is keeping the buyers out of the market.  Future interest rate Holds will be welcome news for the market and hopefully it will entice buyers off the fence.There are great opportunities to buy right now because of the lower prices and many homes for sale.

▪️I have been tracking and sharing weekly sales statistic on my social media and blog because things are changing so quickly. Please follow me.

▪️Please reach out if I can help in any way. I’m here to help!

Weekly Snapshot- September, 2023

Year- Over- Year- September, 2023