December 2023 Market Trends
** Please note I have changed the way I do these stats – these ones are a glance of just that month with % vs last year this same month
-There were 290 closed homes through the entire MLS for December
-33.1% of the homes that closed were cash sales which was 96 homes
– Breakdown for cash sales: 17 homes sold under $300k, 24 homes sold $300k-$500k, 22 homes sold $500k-$750k, 15 homes sold $750k- $1mil, 10 homes sold $1mil-$2mil, 8 sold for over $2mil
-The majority of the homes that closed were in the price range $400k-$499k – which has been similar in past months
-30 homes sold for over $1 million in December – compared to 35 closed in November
-The price range with the most price changes was the $400k-$499k -which is the same price range than the previous month
-Sales for the month of December was up 5.8% from the same time last year
-Median sales price of sold homes was $502,375 which is a decrease of $22,625 from the previous month and a 2.5% decrease from December 2022 when is was $515,000
-The median days on the market for December was 90 days.
-For New construction homes there are a lot more options that came available under $400K and some of the builders offering incentives
– There are currently 2 short sales in our MLS- one is pending and one was just reduced in price
– There are currently 2 REOs (or bank owned properties) in our MLS- 1 is currently pending and 1 is active
-For the closed properties for this month-
–7.05% of the closed properties were on the market 0-30 days and those home closed within 98.42% of the original list price
–25.50% of them closed after being on the market for 31-60 days and those homes closed within 93.88% of the original listing price.
–19.13% of them closed with being on the market from 61-90 days and those homes closed within 91.92% of the original listing price.
–11.74% of them closed with being on the market 91-120 days and those homes closed with 88.08% of the original listing price
–36.58% of them closed with them being on the market for 121+ days and those homes closed within 92.05% of the original listing price
— So break down on that for buyers – you don’t have to be in as much of a rush to make an offer on a home and most buyers are taking their time to think about the home, payments and make sure it is the right home for themselves. If you are looking to find a deal, look for homes that have been on the market for 3-4 months. For a seller– if you price your home right in the beginning chances are an offer may be closer to the list price than if it sits on the market. The longer your home sits on the market the less a buyer will be willing to pay for it. We are seeing a lot more homes come back on the market -either due to inspection contingencies, homes sale contingencies and/or financing contingencies.
** Information is based on numbers from the CdA MLS and provided by Amanda Kuespert, Phenix Agency, Inc
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