Key Takeaway from October 2023: Still A Seller’s Market
Our Central Virginia Multiple Listing Service (CVRMLS) provides a comprehensive snapshot of the real estate market in the region for us each month. Analyzing the data reveals that homes are not only still selling but doing so rapidly, maintaining the trend of a seller’s market. Here are some key insights from the CVRMLS data as of October 31, 2023.
1. Inventory and Days on Market:
The change in the monthly supply of inventory remains notably low, with only a slight increase. This is a positive sign for sellers as it suggests a consistent demand for housing in the Central Virginia area. Days on Market have seen a minor uptick, but the majority of homes are still selling in less than two months, particularly in higher price points.
(NOTE: the CVRMLS only includes properties entered by its members, excluding For Sale By Owners (FSBOs) and off-market properties. This focus on agent-listed properties ensures a reliable and comprehensive dataset for analysis.)
2: Shift in Price Points:
A notable shift in the distribution of home sales is observed when considering different price points. The data shows a decrease in the number of homes sold under $200,000, accompanied by a significant increase in properties priced above $450,000. This shift doesn’t signal a drop in home prices but rather a changing dynamic in the market, potentially driven by varying buyer preferences and economic factors.
3: Price Trends:
Contrary to speculation, home prices are not experiencing a decline. The overall stability is reflected in the modest 2.5% decrease in the percentage of the original list price received. Sellers are not inflating prices, indicating a healthy and balanced market where prices are in line with market expectations.
The key takeaway from the October 2023 data is that Central Virginia continues to be a seller’s market. Any shifts or changes in the market dynamics are minimal, highlighting the resilience of the current real estate landscape. Sellers can still expect favorable conditions, and buyers should be prepared for a competitive market.