The December stats have posted and we held pretty steady compared to November. This may have been one of the slowest quarters in a decade for home sales. However due to supply remaining relatively low the actual market was really pretty balanced in December. Read more or watch the video

The inventory declined just slightly and that compared with stable demand pushed the months of inventory just under 4 months (3.95). The prices remain strong and the median price is up year over year by 3.98%. The average appreciation gain per year is 3-5% so it ended up being just sort of a pretty normal market last year.

It certainly didn’t feel that way to consumers as things came in waves. The beginning of the year started slow and then quickly picked up to multiple offers again. That waned by the end of summer and sales continued to decline as rates hit a 20 year high in about October.

As we head into 2024 rates are down and buyers are back. We have seen increases in the number of showings and offers being made. We expect a busy year assuming rates continue to go down as they are expected to.

If you are thinking of selling:

Good news – prices are up from last year. Many headlines suggest prices are dropping but those are asking prices. You do have to be more flexible and negotiate with buyers compared to the previous few years, but ultimately the price you get for your home will be higher than even if you had sold it in the pandemic boom years.

If you are thinking of buying:

You will find the rates have declined since even a month ago and we expect them to slowly continue to decline into 2024 …if inflation continues to remain steady or decline. There’s opportunity to get into the market now before the rest of the buyers who are on the fence jump in the market come spring and summer! Keep in mind almost every lender we work with is offering a refinancing incentive so if you buy now you can refinance if the rates go down farther in the future. This allows you to not try to time the market and just buy when it makes sense for your life.

And as always everyone’s situation is unique, give us a call if you have any real estate needs at 407-982-7240.