The MLS final statistics for 2023 are out. 2023 certainly brought many ups and downs, month to month, throughout the year. With the exception of a consistent increase of the number of days to sell a home, there were not any clear signs of a weakening or strengthening market. Here is a summary of how the real estate market fared during 2023.
Although prices were lower in 2023 when compared month to month to 2022, they remained fairly stable in 2023.
The inventory of available homes fell during the 2nd half of 2023. When compared to the graph of sale prices, it appears this low inventory did not cause a consistent trend of rising sale prices.
Homes clearly took longer to sell in 2023 than in 2022
Expired listings were up and down month to month in 2023
What will 2024 bring for the real estate market? There are an abundance of conflicting predictions from experts regarding the real estate market for 2024. You can rest assured whatever 2024 brings, the Bill Sohl Luxury Homes Team will continue to tirelessly work to meet Parklander’s real estate needs. Our decades of real estate experience and worldwide reach are always available. As always, feel free to contact me with any questions or inquiries.