Q3 2023 Market Update

Another quarter is behind us! I think we are all both happy and sad to be entering the final quarter of 2023. Saying goodbye to this year may be saying goodbye to raising interest rates... or it may not be. At first glance, the numbers tell us that the market is good. Inventory and days in the MLS is pretty average for the last 5 years. If you dig a little deeper though and read between the lines, the story might not be as steady as it seems. We are seeing several indicators hinting that the rest of this year will remain slow both nationally and locally. There are a few issues at play here and only time will tell which direction we go. Lot of homeowners are understandably reluctant to move and give up their low interest rate mortgages, so we are seeing inventory struggle. Pair that with interest rates that are still creeping higher, making homeownership less affordable, and the market has gotten stagnant. Perhaps the most significant indicator here is the sharp drop in pending listings since last month, which would suggest a slump in demand. While there is a seasonal factor involved here, this is a bigger drop than we have seen in several years. If you want more information or to talk about how the current market is affecting your home or investment property, please reach out any time.