More home inventory in the housing market?

Market Update - November 2023

As the months are getting colder, we typically see the housing market cooling down as well. However, with increased inventory, we will see more people looking to buy.

Here are some key takeaways from September to October of 2023…

Key Takeaways

⚡️ Amount of homes going under contract AND homes sold steadily decreasing from September to October this year.

⚡️ Average price per sqft slightly increasing yet again. Going from $305 to $302.

⚡️ Average days on market increased again from 27 days to 30 days on average.

⚡️ Months of inventory increased again from 1.8 to 2.0 months of inventory.

Homes For Sale VS Under Contract VS Sold

Average Price Per SQFT

Average Days On Market

Sold Price/Original List Price

Months Of Inventory

All the above factors point to demand slowing down; however, with there being a slight increase in months of inventory (1.8 months to 2 months) it’ll be interesting to see if this continues because…

There have been signs that interest rates will finally decrease due to speculation of the Federal Government’s recent unanimous decision to pause rate hikes. If they pause again this December, we’ll likely be seeing mortgage rates begin to come down next year.

If home inventory continues to increase with mortgage rates dipping down, 2024 might become a hot year for the housing market

Looking to get a market report in a specific city in Pierce County? We do market reports for Puyallup, Bonney Lake, Lake Tapps, Sumner, and Tacoma.