Well January stats are in and the numbers are staggering. The peak up in December was quickly met with a shift. We ended January with the lowest number of homes sales since 2009.
That along with rising inventory caused the inventory to reach 7.73 months of available homes for sale. That moved the scales to what we consider a buyers market.
The number of homes available for sale reached 11,697 which is the highest it has been in 10 years.
All of that sounds like doom and gloom. However the prices still went up. The average price was an all time high of $492,645. The median price went up 4.17% which is a normal appreciation rate.
The numbers here reflect a worsening market for home sellers as there is more competition and less demand. However, prices are the highest they’ve ever been. Consider this when setting your expectations about selling. It may take longer to sell, there will be fewer showings, and you may even have to do some price adjustments. However the price on average is the highest you have ever been able to obtain for your home.
For the full update, watch the video:
Major Points:
- Home Sales: Lowest since 2009
- Inventory:
- 7.73 months of supply (officially a buyer’s market) – this is due to the increased amount of homes for sale + low low demand last month
- 11,697 homes for sale (highest in 10 years)
- Prices – BUT prices still went up
- Average home price: $492,645 (all-time high)
- Median price: +4.17% (normal appreciation rate)
- Impact on Sellers:
- More competition & fewer buyers
- Longer selling times & fewer showings
- Potential need for price adjustments
- Despite challenges, home values remain at record highs
- 🔑 Takeaway: If you’re selling, set realistic expectations with yourself and understand that you’re still in a strong position to get the best price your home has ever commanded.
It’s a great year to consider making a move, Contact us today or Give us a call at 407-982-7240 and we’ll walk you through the best scenario for you!