We survived 2023! That may sound dramatic, but looking back through the year, it rings loud. While we not only had a slow real estate market with inventories down and sales down again in 2023, further from the 2022 - 20% plunge, we had numerous personal surgeries and sicknesses, with not only Associates but also family and friends.
We will not dwell on the lack of real estate sales in 2023 throughout the entire market as it was nationally due to the rapid increase in interest rates while still dealing with low inventory. Overall, sale prices did remain steady with the average home sale price coming in at just over $372,000. The market had fewer sales with only 41 being sold over $500,000 reported in the MLS, which then skews the 2023 average home sale price lower from 2022, but as we are doing comparables year over year, most homes had appreciation, just not the 8%-10% appreciation seen in previous years.
We are excited to start 2024 and have started out strong with 5 homes under contract in the first 10 days. Jenny Palm joined our company in November and we are very excited to have a new, energetic, brilliant woman in the office. All of us are dedicated real estate agents – working the job 24/7!
While it is still a bit of a challenging market due to low inventory, we are hoping for a bit more stability this year in the real estate realm, as is predicted nationally. Lower interest rates will definitely fuel the market again.
As always, our doors are also open to discuss any segment in the market including land, commercial and investment properties. We look forward to assisting everyone with their real estate this year and strive for you to get to know us, like what we have to offer, and trust us to get the transaction closed.
Know. Like. Trust.
