Market Trends – October 2023 Update

In brief, our local markets remain characterized by limited housing supply, which is contributing to price stability. Despite the rise in interest rates, property prices have either remained steady or increased. The scarcity of available homes has led to a resurgence in multiple offers. As we transition from the summer buying season to the typically slower fall, we are starting to observe a decrease in the number of buyers, resulting in homes staying on the market for a longer duration.

On a positive note, home values have appreciated significantly over the past three years. If you’ve owned your home for several years or more, you are in a favorable position if you’re thinking about selling. It is expected that a significant increase in housing inventory may occur when interest rates begin to decrease, which could impact pricing.

In the North and West Valley, prices have risen considerably compared to the previous year, but total sales have seen a significant decline. It’s important to note that when examining month-to-month comparisons, some of these fluctuations in numbers can be influenced by just a few sales transactions.

Even with the limited housing supply, a properly priced home stands a better chance of selling quickly. This is especially important given the changes brought about by rising interest rates and ongoing inflation, both of which are affecting the purchasing power of potential buyers. Ultimately, pricing will always be influenced by factors such as the property’s condition, recent sales in the area, and the willingness of prospective buyers to pay for a similar home. If you would like to explore your options or delve deeper into this topic, please don’t hesitate to reach out to me via phone or email.