November Update Highlights
November 02, 2023
As always, we strive to inform our clients and partners with timely market data. Here are the latest stats from our monthly Market Update with Tina Tamboer, Senior Analyst with the Cromford Report, on 11/2. The data is telling us that our market is shifting.
SUPPLY = 41% below normal, but rising
* our inventory is down 29% from this time last year
DEMAND = 29% below normal, and dropping ; heavily impacted by mortgage rates
NEW LISTINGS = Down 26% from this time last year
LISTINGS UNDER CONTRACT = Down 11% from this time last year
DAYS ON MARKET = 25; moving up
MEDIAN SALES PRICE = $439,995
ANNUAL AVERAGE SALES PRICE PER SQUARE FOOT APPRECIATION = Up 6.1% YOY
PRICE REDUCTIONS = 15% of listings had a price reduction in the last week of October 2023 ; this is down 42% from 2022
SALES OVER ASKING PRICE = 20% of sales in October (this is high; showing that buyers are meeting sellers halfway on price to get concessions)
CONCESSIONS = 44% of all sales in October had seller paid concessions; median concession is $8,594 (up)
What’s reasonable to expect in the coming weeks/months?
Please feel free to reach out with any questions. We have more detailed notes if anyone would like them. 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!