Despite the challenges, opportunities exist for both buyers and sellers.
Let’s dive into a quick recap of last month’s statistics for single-family homes, townhomes, and condos.
Inventory Overview
In November, our inventory showcased interesting figures. Single-family homes reached a total of 4,577, townhomes recorded 504, and condos stood at 820. These numbers provide a snapshot of the available options in the market.
Sales Performance
On the flip side, the sales data tells a slightly different story. Single-family home sales took a notable dip, plummeting to 1405. Townhomes and condos followed suit with 194 and 254 sales, respectively. The market, it seems, experienced a slowdown in transaction activity.
“Staying informed about market trends is crucial.”
Concessions in Sales
An intriguing detail emerges when examining sales transactions – half of all sales involved some form of concession. This suggests a trend where buyers might be negotiating more favorable terms. It also hints at a market where sellers are willing to make compromises.
What does this mean for the current real estate landscape? While the inventory is gradually increasing, sales are moving at a slower pace. This could be attributed, at least in part, to the prevailing interest rates. It’s essential to recognize that despite the challenges, houses are still being sold. Buyers are navigating the market, and sellers are successfully closing deals.
In light of these developments, we want to assure you that our team is here to help. Whether you’re looking to buy or sell in this evolving market, we have the expertise to guide you through the process. Reach out to us at (702) 845-8540 for any assistance you may need.
