October 2023 Market Update
What’s happening in the fall market?
“Typically the fall market starts to pick up momentum in September,” AIR president Chelsea Mann said in a press release. “However, sales activity for the month suggests that the weight of high interest rates continues to bog down both buyers and sellers. Many buyers and sellers have seemingly hit the brakes on their real estate efforts and have taken a wait-and-see approach, hoping for the cost of borrowing to lighten.
“The market slowdown does not however mean that there aren’t still deals being made. Homes that are priced appropriately to reflect current market conditions are still being sold at an even pace.”
– Quote taken from Castanet article October 5, 2023
Seller’s market = four months of inventory or less
Balanced market = four to six months of inventory
Buyer’s market = six months or more of inventory
If 100 active listings are available in a month, and 20 homes sold in the that
same month, then there is approximately 5 months of inventory.
