Our market has had unexpected shifts. When you compare trends to 2020-2022, it's been a significant slowdown. And yet, our market is behaving like an average fall season, but with fewer transactions (stats from DMAR):
- Listings increased month-over-month, typical for September (while new listings are -13% compared to last year).
- Closings significantly decreased. We usually experience a slowdown, but it is a bit steep (year-over-year, there were 29% fewer closings).
- Average Sales Price flattened m-o-m, but are slightly higher than 2022. The same for Days on the Market (but only 15% slower than Sept 2022).
These indicators remind us our market is not imploding but normalizing. We remain a strong sellers' market, but buyers are now in the best position in years to negotiate. And as we head deeper into the fourth quarter of 2023, let's take advantage of the opportunity. Text, email, or call me at 303.912.5394 or [email protected].
And Yet...
- Colin Whitenack
- 10/13/23
