Unveiling the Real Estate Market Snapshot for November 2023: A Closer Look at the Numbers

Introduction: As we bid farewell to 2023 and usher in the new year, it’s crucial for both buyers and sellers to stay informed about the current state of the real estate market. In this comprehensive blog post, we delve into the key data points that define the residential real estate landscape for November 2023.

Residential Home Sales:

In November 2023, a total of 516 residential homes changed hands, marking a modest 6.0% decrease compared to the previous month. This dip could be indicative of seasonal trends or other factors influencing the local market.

Median Price for Residential Homes:

The median price for residential homes in November 2023 stood at $518,000, reflecting a 1.3% YoY increase from November 2022. This uptick may suggest a continued demand for homes in the market, potentially contributing to the slight decline in sales.

New Home Listings:

With 788 new home listings entering the market, November 2023 saw a substantial 14.7% YoY increase compared to the preceding month. This surge in new listings could offer prospective buyers a broader array of choices and contribute to a more dynamic market.

Active Home Listings:

The total number of active home listings in November 2023 reached 2,747, signifying a notable 20.4% YoY uptick from November 2022. A larger inventory may indicate a market where buyers have more options, potentially impacting pricing and negotiation dynamics.

Pending Sales:

November 2023 recorded 493 pending sales, marking a 3.3% YoY decline from November 2022. This decrease in pending sales could be a result of various factors, such as changes in buyer sentiment, economic conditions, or other market influences.

Months of Inventory:

The months of inventory, a key indicator of market supply and demand, stood at 3.8 in November 2023. This represents an increase of 1.2 months compared to November 2022, suggesting a potential shift towards a more balanced market.

Total Dollar Volume of Homes Sold:

Despite the slight decrease in the number of homes sold, the total dollar volume for November 2023 reached $350,511,473. While this figure is 2.2% less than November 2022, it underscores the substantial financial activity within the real estate market during the holiday season.

Conclusion: As we reflect on the real estate market performance in December 2023, these key data points provide valuable insights for buyers, sellers, and industry professionals alike. Understanding the nuances of the market can empower individuals to make informed decisions in the dynamic landscape of residential real estate. Stay tuned for further updates and insights as we navigate the evolving trends of the new year.

source: ABoR Market Statistics

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