Here is a snapshot of what is going on in our real estate market.
In this June market update, we delve into the latest statistics and trends shaping the real estate landscape. From the absorption rate’s increase to the appreciation in average sale prices, these figures paint a picture of a dynamic and evolving market.
“These figures paint a picture of a dynamic and evolving market. ”
The absorption rate is a crucial indicator of market stability, measuring the rate at which available properties are sold within a specific time frame. In June 2023, the absorption rate stood at 1.51, marking a notable increase from the previous year’s figure of 1.21. This signifies a 24% difference, indicating a stronger and more active market.
The average list price is an important metric that reveals the general pricing trends in the real estate market. In June 2023, the average list price reached $413,269, experiencing a 4.33% increase compared to June 2022 when it was $396,104. This demonstrates a steady appreciation in property values over the past year.
The median list price provides a snapshot of the midpoint value of all listed properties in a given period. In June 2023, the median list price surged to $317,950, marking a significant increase of 15.62% from the previous year’s figure of $275,000. This spike indicates a robust demand for properties and a potentially competitive market.
Examining the average sale price further illustrates the changing dynamics of the real estate market. In June 2023, the average sale price stood at $334,689, showcasing a noteworthy 7.76% increase from June 2022’s figure of $310,573. This rise reflects the growing value of properties and the potential for favorable returns on investment.
The average days on market serves as a key measure of buyer activity and property turnover. This year, properties have spent an average of 31 days on the market, indicating a slightly longer time for sales compared to the previous year when the average was 22 days. This change suggests a potential adjustment in buyer behavior and market dynamics.
Currently, interest rates hover around the high 6% range, which can influence affordability and mortgage options. If you require assistance with loans or have questions regarding financing, consider reaching out to Todd Miles from Statewide Mortgage at (502) 558-3035. His expertise and guidance can help navigate the loan process and explore suitable mortgage options.
If you have any inquiries or require additional information, please don’t hesitate to contact us by phone or email.
