December Update Highlights
December 07, 2023
Cromford Market Update with Tina Tamboer, Senior Analyst | The Cromford Report ™
| Mortgage Rates | dropped for the fifth consecutive week! |
| 2024 New Conventional Loan Limit | $766,550 |
| Supply | 34% below normal but rising; down 21.8% year-over-year |
| Demand | 12% of listings had a price reduction in the last week of November 2023, declining |
| New Listings | Down 19% from October to November |
| Listings Under Contract | Down 14% year-over-year |
| Days On Market | 35; seasonally normal |
| Median Sales Price | $440,000 |
| Annual Avg Sales Price/SQFT Appreciation | Up 4.9% year-over-year |
| Price Reductions | 12% of listings had a price reduction in the last week of November 2023; declining |
| Sales Over Asking Price | 17% of sales in November; this has been declining for 3 months |
| Concessions | 45% of all sales in November had seller-paid concessions; median concession is $9,538 (up $1,500) |
| Sale Price/List Price Ratio | 97.4% |
- Mortgage rates are coming down, and many economists expect them to drop below 7%.
- Our market is slowly stabilizing into a balanced market, not plummeting. Prices are expected to hold steady.
- Both new listings and contracts should increase seasonally starting in January.
- It’s a great time to be a buyer. Seller concessions are generally available, and there is less competition in the marketplace.
- Within the next six months, we can expect appreciation rates to align with the inflation rate. However, if mortgage rates decline further, this projection would change.
- The year-over-year appreciation numbers will start to look more positive in November and December.
- Concessions for rate buydowns could decline if demand increases.
- If mortgage rates continue to come down, we will see demand increase and a big jump in accepted contracts.
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 a new mortgage, borrowers are eligible for a special refinance for three years from closing. This program entails NO lender or appraisal fees. It’s a perfect opportunity for your clients to buy now and lower their payments later!
Please feel free to reach out with any questions, and if you would like more detailed notes, please click here.