August Update Highlights
August 03, 2023
51% below normal, and dropping
* our active supply is down 37% from this week last year
22% below normal, and dropping as seasonally normal
the lowest number we’ve seen in over 22 years
the lowest weekly counts we’ve ever seen – about 1,500/week
Days on Market
20; historically normal and staying consistent
* down from 56 DOM in January
Median Sales Price
$439,000 – down 4.6% from July 2022
Annual Median Sales Price/Square Foot Appreciation
Down 2.5% YOY but should start to show positive in August or September
41% of all sales in July had seller paid concessions; median concession is $8,200
Sales Price vs. List Price Ratio
98.3% of list price
* 22% of sales in July closed over list price
What’s reasonable to expect in the coming months?
Please feel free to reach out with any questions!
At Bison Ventures, we understand that the current market is challenging and there is uncertainty regarding interest rates. We know we have many clients in need of a new home, and we do not want today’s interest rates to be a barrier. We are currently offering the Bison Refinance Program – After six on-time payments of your new mortgage, you are eligible for a Special Refinance for a period of 3 years from your closing date. This entails NO lender or appraisal fees. Please let us know if any of your clients would be interested in discussing this further. It’s a perfect opportunity to buy now, and lower their payment later!