Months Supply of Inventory (MSI) Increases
The total housing inventory at the end of October 2023 rose 4.46% to 2,575 existing homes available for sale. Over the last 12 months, this area has had an average of 1,039 closed sales per month. This represents an unsold inventory index of 2.48 MSI for this period.
Average Sale Price Going Up
According to the preliminary trends, this market area has experienced some upward momentum with the increase in Average Price this month. Prices went up 1.55% in October 2023 to $306,475 versus the previous year at $301,803.
Average Days on Market Lengthens
The average number of 29.73 days that homes spent on the market before selling increased by 7.90 days or 36.20% in October 2023 compared to last year’s same month at 21.83 DOM.
Summary
Overall, with Average Prices going up and Days on Market increasing, the Listed versus Closed Ratio finished weak this month. There were 1,381 New Listings in October 2023, up 9.17% from last year at 1,265. Furthermore, there were 1,007 Closed Listings this month versus last year at 1,084, a -7.10%
decrease. Closed versus Listed trends yielded a 72.9% ratio, down from the previous year’s, October 2022, at 85.7% , a 14.91% downswing. This will certainly create pressure on an increasing Monthly Supply of Inventory (MSI) in the months to come.
