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Market Update Blog: August 2023 - Real Estate Trends and Analysis

 

Another market update from Urban Cool Homes is here with the freshest numbers and insights on how August 2023 performed.

Is the real estate market finally veering towards a new direction? Let’s dive into the details.

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A Look Back

Comparing the current real estate trends to 2021 and 2022, there's a noticeable change. For the earlier part of the year, the sales figures have not matched the intensity we've observed in the past. Disappointingly, this trend has continued through to August. Sales are down by nearly 15% year-over-year.

Strong But Slower Market

However, let’s not drown in numbers. With over 930 houses sold this August, the market is anything but weak. The volume of listings is on the rise, signaling a slowly expanding inventory, potentially due to high-interest rates. Currently, we have nearly 1,500 houses up for grabs, translating to almost two months' worth of inventory. For perspective, the shift from a seller's to a buyer's market typically happens around the six-month inventory mark. Thus, while the market remains heavily in favor of sellers, it's not as bullish as the previous year.

Prices At Their Peak

Interestingly, while the number of houses sold has seen a dip, the prices are soaring! August saw an average home price of $225,000 - the highest so far. This price surge, despite a slowdown in sales, indicates that the real estate sector is still quite resilient. Predictions suggest that these prices will continue to peak as we approach the end of the year.

Buyers and Sellers Advice

Now, to our dear homeowners thinking of selling – the market is still hot! While the frenzied 5-10 offer scenarios from earlier this year might be a thing of the past, the selling price remains at an all-time high.

For potential buyers, high-interest rates have deterred many, resulting in decreased competition. So, if you've been on the fence, now might be a good time to make a move. Once the interest rates lower, we anticipate a surge in buyers, making the market even more competitive.

Final Thoughts

All in all, while sales might not be matching the dizzying heights of previous years, the prices remain robust. Whether you’re looking to buy or sell, the market remains favorable. As always, if you have questions or need further insights, feel free to reach out.

Until next month, keep an eye on the market and stay informed!

 

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