September Real Estate Update, Lynn Slaten, Long Realty
CONTRIBUTED BY LYNN SLATEN, LONG REALTY| October, 16th, 2023
The current emotional sensitivity is the mortgage rate percentage, but the other factor in the equation is the amount being financed. If home values continue to appreciate, as they are expected to, then some Buyers, who are waiting for a lower rate, may actually pay the same monthly amount, if not more, in the future since they will have to finance a larger amount to cover the same house!
Interesting that as of July, 2023, only 24% of all Americans think home prices will go down in the next 12 months.
Americans are also sitting on tremendous equity! 38.7% have paid off their mortgage. 30% have at least 50% equity. 20.8% have 10-30% equity. 1.72% have less than 9% equity, and less than 1% have negative equity.
65.8% of Americans own their homes which build wealth and creates a stable society.
- For September, 2023, there were 22 homes sold, compared to the 23 that were sold in August, 2023 (-4%.) In September, 2022, there were 24 homes sold (-8%.)
- The median sales price for September, 2023 was $495,000, which was exactly the same price as in August, 2023. In September, 2022, the median sales price was $521,250 (-5%.)
- The list price to sales price in September, 2023 was 98%, same as August, 2023. In September, 2022, the list price to sales price was 97%.
The numbers of homes sold year-to-date at the end of September, 2023 was 206, compared to 184 at the end of August, 2023 (+12%). At the end of September, 2022, 247 homes had been sold (-17%.) - There are currently 77 homes on the market. The median list price is $529,000. Average days on market increased to 37.
- There are currently 20 homes under contract. Only 9% of those sold over the original asking price.
- There is currently 3.5 months of inventory, which represents Sellers’ market in all price ranges from $300K to $800K, except the $600,000 to $700,000 market, which is a Buyers’ market. The $1M+ market is Balanced.
