October 2023 Market Report
Our absorption rate has increased to a little over 9 months of inventory, traditionally indicating a Buyer’s Market. However, due to the significant equity still present in the market from recent appreciation, sellers aren’t in a rush to make moves. Some concessions are being made, creating a unique dynamic.
🗓️Days on Market
The current average Days on Market is approximately 84 days. Please note that this can vary between communities, with some remaining more active than others. Sellers aiming for quicker sales should consider pricing their properties strategically.
In October, the total price volume reached an impressive $203 million, showcasing the continued vitality of the 30A market.
📈List to Sold Ratio
We maintained a strong List to Sold ratio of 94.5% in October. Properties listed at fair market prices are likely to sell close to their listing value. Keep in mind, some sellers price above market but eventually adjust.
💵Average Sales Price
The average sales price for October stood at $2.4 million, reflecting the luxury and desirability of our region.
As we enter the offseason, we’re seeing more homes coming on the market. This means buyers have more choices and time to explore their options.
In their last meeting, the FED chose not to raise rates. This decision may signal a stabilization in interest rates, which could lead to reductions in the future. As rates decrease, we may see heightened buyer competition.
As is always the case this time of year, the weather and the market is cooling down in terms of total transactions, but the market is still hot and we are still seeing appreciation! Investors looking to save on their taxes for the year, cash buyers and all savvy buyers are still on the move. Even though it’s technically a buyer’s market in terms of inventory, sellers still have an advantage if they don’t NEED to sell. There’s simply so much equity in the market and anyone with a mortgage is likely locked in at historically low rates. Once rates go down, demand will go up as everyone who has been waiting will flood out and drive prices even higher due to competition. Simply put, if you can afford the note, marry the house, date the rate, build equity, save on taxes and beat the rate-drop wave!