December 13th Market Update
⏰Time for another market update!
📈In Nov we saw a median sale price of $595K up 32% over Nov last year. Closings were up compared to LY and DOM increased by 7 days. Sale price to LP ratio was 95.75% down 4 to LY, the lowest ratio in months.
There were 40 new listings in Nov which was down 15 compared to last Nov. Overall there are 226 active listings today which is up 2 from the same time LY. The current median list price is $650K which is up 40% over same time LY
114 listings or 50% of the inventory bw 250K-700K. 55% of all sales in Nov were in this price range. Lux end 72 listings or 32% of the inventory is 950K or higher. 26% of all sales in Nov were over $950K
📉Mortgage rates have calmed and are coming down and as a result buyer activity is increasing again. There may be another fed rate cut this month but lenders have already pricing that in. With rates on the downward trajectory, serious buyers are taking advantage.
🏘️If I was seriously considering buying a home, upsizing or downsizing, I would not wait until spring. IMO this is the best time to find a deal or not have to compete against a bunch of other buyers. A lot of sellers don’t want to carry their home all winter long and are more willing to negotiate on price, terms and inspection issues.
🏠Homeowners thinking about putting your home on the market in the spring should start interviewing agents now and figure out what you need to do to get your home ready for market.
👋If you’re looking to jump into this market as a buyer or if you’re a homeowner curious about what your home might be worth in today’s market, give me a call…I’d love to chat with you.
*Data from CGNDMLS on 12/12/24
#colombiacountyrealestate #jensesmarealestate #beachandbartolorealtors #marketupdate
