Becky's Best Bungalow Bets for Jan 14, 2024: 4 New Listings + By the Numbers

Hello BBBB Friend,

If you are still rocking your 2023 Christmas tree, this is the week to consider kicking it to the curb. Tree waste day for the Heights is Wednesday, January 17th.  Please take the tree’s tinsel, garland, ornaments, and lights off and drag it to the curb. Note: no flocked trees, please!  If you miss Wednesday’s pickup, click here for a list of Christmas tree recycling locations. 

Today, I'm featuring 4 new listings of varying home styles and price points.  Plus, click HERE  to see price reductions, new contracts, and final sales for homes that are Still on My List. 

2023 ANNUAL MARKET RECAP

The main obstacle to homebuying in 2023 was the increase in mortgage rates, leading some prospective buyers to abandon their home purchase plans while many opted for renting instead. The Heights* real estate market started the year with a significant drop in sales volume, and it never managed to recover, ending the year with a 22% decline compared to 2022. By October, as the Federal Reserve continued its efforts to combat inflation, mortgage rates reached levels not witnessed in two decades, surpassing 8 percent.

At the outset of 2023, single-family home inventory was at 2.3 months.  Slower sales combined with a modest increase in inventory caused the month’s supply to grow to 3.3 months. A 5.0- to 7.0-month supply has traditionally been considered a “balanced market” in which neither buyer nor seller has an advantage.

May scored the year’s greatest sales volume, with 80 single-family units sold during the month. By the time the books were closed on December transactions, 703 single-family homes had sold in the Heights in 2023. This is the lowest number of annual sales since 2010.

On an annual basis, the average single-family home price was $854,624, an increase of 5.9%, while the median price increased 2.7 percent to $749,000. Total dollar volume for the full year of 2023 fell 16.9 percent to about $601M.

BY THE NUMBERS FOR DECEMBER 2023

Have a great week, and,

Let's look at houses or talk about selling yours!
Becky

CLICK HERE FOR THIS WEEKS BEST BUNGALOW BETS