How’s the market in Columbia County? June Recap
We are just past the halfway mark of 2023, so let’s look back🧐 Year to date we are seeing that closed sales are down approximately -29% compared to the same time last year. Median sales price is up about +15% compared to the same time last year. The number of active listings has grown slightly month over month but still lags behind last year.
Rising interest rates and a shortage of inventory in the lower to mid price ranges have pushed many buyers to the sidelines. Current homeowners who are locked into lower mortgage rates are delaying the decision to sell until market conditions improve, thus holding back valuable inventory from hitting the market.
Because of the limited options, we are still seeing buyers compete for homes, keeping the sales price to list price ratio at 103% in the first 30 days (year to date). It does drop to 96% after 30 days indicating some opportunity for buyers looking for a deal.
Where is this market headed in the back half of the year? If only I had a crystal ball 🔮
A lot will depend on interest rates, but we are likely to see more of the same. In this market inventory always peaks in late summer early fall and starts to decline as we head into winter. What isn’t declining is the number of people with the desire to become homeowners🔑 Will they get tired of waiting and jump in or will they all rush in once rates come down and inadvertently drive prices up by competing over the few homes available?
🏡If one of your 2023 goals is to make a move, whether that is downsizing or upsizing or becoming a homeowner for the first time, there’s still time to accomplish that goal. While the market is complex, one of the best strategies is to jump in while everyone else is sitting on the sidelines. If you’d like to learn more about the market or explore your options, reach out to schedule a buyer or seller consultation.
So what do you think about the market….Is it going to get better or worse in the months to come? Tell me what you think in the comments below 👇
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