November 2023 November 3, 2023

Market Trends – November 2023 Update

The trend of limited supply continues to dominate the market and dictate the rising prices. Despite the rise in interest rates, hovering around 8%, property prices have either remained steady or increased. The scarcity of available homes has led to a resurgence in multiple offers. As we transition to the holiday season, we expect to see the traditional slowing in the number of transactions, but considering the lack of inventory, it may not be as drastic.

On a positive note, home values continue to appreciate 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.

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.