Months Supply of Inventory (MSI) Increases
The total housing inventory at the end of November 2023 rose 9.29% to 2,706 existing homes available for sale. Over the last 12 months, this area has had an average of 1,036 closed sales per month. This represents an unsold inventory index of 2.61 MSI for this period.
Average Days on Market Lengthens
The average number of 32.19 days that homes spent on the market before selling increased by 7.37 days or 29.68% in November 2023 compared to last year’s same month at 24.82 DOM.
Average Sale Price Going Up
According to the preliminary trends, this market area has experienced some upward momentum with the increase of Average Price this month. Prices went up 2.77% in November 2023 to $291,805 versus the previous year at $283,931.
Sales Success for November 2023 is Positive
Overall, with Average Prices going up and Days on Market increasing, the Listed versus Closed Ratio finished weak this month. There were 1,217 New Listings in November 2023, up 7.51% from last year at 1,132. Furthermore, there were 896 Closed Listings this month versus last year at 935, a -4.17% decrease.
Closed versus Listed trends yielded a 73.6% ratio, down from previous year’s, November 2022, at 82.6% , a 10.86% downswing. This will certainly create pressure on an increasing Months Supply of Inventory (MSI) in the months to come.
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