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Bill Halton
Keller Williams Real Estate
FEBRUARY 2024 BLOG
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2023 in Review - THE HEADLINES
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- Home Sales Hit Lowest Level in a Decade
- In the BrightMLS service area, sales activity has not been this low since 2014.
- The number of homes available for sale at the end of 2023 was less than half of what it was in 2018, which was the last year widely considered a normal market.
- Locations of Home Sales Changing Once Again
- Home sales in suburban locations continue to represent the greatest share of all home sales. However, suburban home sales accounted for just over 50% of all home sales, down from the more typical 60% level
- In 2023, there was an uptick in buyers returning to cities, reversing the trend away from cities that occurred during the pandemic. Sales in cities are now back to pre-pandemic levels, at about 13%.
- Non-metropolitan areas saw an increase in home sales as buyers sought more far-flung locations during the pandemic. In 2023, non-metro areas continued to maintain their new higher share of the market, at almost 34%
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So, What is the Outlook for 2024?
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- Persistent limited inventory? Stable Interest Rates? Opportunities?
- Many homeowners who have purchased in recent years with locked-in low mortgage interest rates are expected not to trade those lower rates for higher ones.
- Medium and long-term owners can still expect to sell their homes for top dollar in a market that should continue to appreciate, but at a slower pace and in line with traditional appreciation, as in typical sellers’ markets.
- In this election year, mortgage interest rates are expected to be stable and perhaps even slightly lower.
- Current Interest rates are historically very reasonable. This is especially evident as compared to rates of 18, 19, and 20+ percent in the 1980s. While rates are above the super low rates of 5, 4 and 3 percent in the very recent past, buyers may want to give serious consideration to acting on today's rates.
- Opportunities abound in all markets. Some sellers will sell and secure their nesteggs, Others, will move their accumulated equity to new homes for growing families. Many first-time buyers will secure reasonable inflation proof rates, and through home ownership, begin securing their long-term futures.
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Blog Readers,
Whatever your goals, station in life, and whether you are a seller, buyer, or both, I am available, deeply appreciative of the opportunity to earn your business, and eager to guide and assist you with your real estate needs.
Sincerely,
Bill
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LISTING CONSULTATIONS
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BUYER CONSULTATIONS
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MOBILE 215 858 6319 - (PREFERED NUMBER)
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OFFICE 215 646 2900 X4075
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BILLHALTON@KW.COM
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Click Here To see the full 2023 Market in Review Report
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