How’s the Market in Columbia County? November Recap
The year is almost over eek! It’s time for a market update, last one of the year!
In November we saw interest rates start to come down..finishing close to 7%. Fingers crossed the 8% rate we saw in October was the peak and we are now on the downward slope. Experts are pretty confident that the Fed will not hike rates this week and that with inflation cooling the Fed will start cutting rates by mid 2024.
National news is reporting that home buying sentiment is at an all time low right now and that rates coming down are unlikely to change the sentiment quickly because there is still an inventory problem and affordability is still an issue for a lot of would be home buyers. Low inventory is likely to keep home prices in this region pretty steady.
In November we saw new pending sales drop as well as the median sale price. But we also saw the sale price to list price ratio increase to 104.74% in the first 30 days on market and 99.79% overall. We also can see that 54.5% of all deals in Columbia County were cash deals. With higher interest rates pricing a lot of buyers out, cash deals are naturally going to take a larger share.
At the end of November there were 224 available single family homes on the market county wide. 36.2% are under $500K. 35.2% are between $500K-$1M. And 28.6% of them are over $1M
Year to date the median selling price is $471K with a sale to list price ratio of 96.43% overall. 44% of all homes sold within the the first 30 days at 102% to list price. YTD average days on the market is 67.
Although we always see a seasonal slowdown this time of the year, there is still activity. Buyers are finding less competition and more Sellers are willing to negotiate on price or terms. If interest rates continue to fall, it could be a much more active winter than we were anticipating 6 weeks ago. All eyes on the Fed this week to see where they might take rates next.
If you are thinking of making a move now or in the near future, or just curious and want more insight on the market, book a discovery call with me at a time that’s convenient for you.
