December Market Update is here! This is always good to look at because it will give us a good look at the overview for the 2023 year. There are few important take aways from this data, although it is all good information!!
The first thing that I think is important to note of is the "list to close". This number has increased meaning that it is taking longer to sell house and that is very true. I think houses are sitting for a couple reasons, being overpriced and the interest rates.
The theory of houses being over priced can be backed by the data on the "percent of orginial list price received". This number dropped just over 2% making it roughly a 96.8% received of the list price. Knowing that houses are staying on longer and the prices received are less than asking are going to be helpful in creating the balance we need in the market. Hopefully in the coming months we will see data continue in this same trend making it a little better for buyers out there.
Next thing to take not of with above market stat for year end is Months of Supply. Buncombe county is now up to a whopping 2.2! Which means there is roughly 2.2 months of inventory supply of homes. Though this is still low its much better than where we were at in 2022 which was between 1.5 & 1.8. The more inventory we have the market will start to approach a buyers market and we can hopefully level things out.
And as for prices, I always like to look at the Median price as the Average I think tends be skewed with all the multi-million dollar homes that we have. So even though the median price has gone up to $467,655 it seems much more reasonable than the $597,710 Average Sales Price and much better than the Average List Price of $655,700!