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2023 MARKET REWIND



MARKET SNAPSHOT


Since the beginning of 2022, there have been 10 interest rate increases, but only 3 in 2023! Prices adjusted, sales dropped, and there are less buyers.

INVENTORY, SALES AND PRICES


Inventory is up 20% to 40%.  Sales are down 9%- 14% vs 2022. In terms of YTD Detached prices, we are down 1% to 7%, Townhouses are down 0.1% to 7% & Condos are down 6% to 12%


TIMING IS KEY


Being on the fence is ok as long as you are on top of the market, trends & inventory with your Realtor.


GOOD NEWS FOR HOMEOWNERS


If you have lived in your home since 2020, values are up 6% to 10%. As long as we are up around 5% to 7%, that is fair and realistic.


YOUR REALTOR IS YOUR QUARTERBACK


Homes are selling from 4% to 5% below asking as long as you have a solid Realtor who knows their market. Don’t settle when choosing your Realtor. A proven team can also elevate your experience. 


2024 FORECAST


Rates will come down. Inventory will remain moderate to high. Buyers will come back slowly. Home prices will not drop anymore after Q1 & possibly end the year with a 2% to 4% increase. 


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