In the automotive world, a governor is a device in an engine that controls its speed. In the real estate world, residential listings, or the amount of supply available for purchase, control the speed of the market. After nearly 13 years of seeing the market steadily increase in activity, the dramatic drop in October inventory (-11%) in 2023 put a governor on the market , and the pace of sales dropped 26%. However, low inventory has put more pressure on property values, with October price per sq ft residential values increasing 8%
2023 PENDING LISTINGS – 2023 PRICE PER SQ FT – 2023 SALES VOLUME – 2023 CHANGE FROM 2022 CHANGE FROM 2022 CHANGE FROM 2022 # LISTINGS SOLD – 2023 MEDIAN DAYS ON MKT – 2023 CHANGE FROM 2022 CHANGE FROM 2022 MEDIAN SALES PRICE – 2023 CHANGE FROM 2022 ACTIVE RESIDENTIAL LISTINGS – OCTOBER 1, 2023 55 $766 86% $620M -25% -26% 8% 443 13 $991K 81%% -52% -11% 150 CHANGE FROM 2022
POST & BEAM STEAMBOAT’S RESIDENTIAL SALES BAROMETER OCTOBER
You’re invited to imagine what’s next.