December Market Stats
Another year has come to a close and we are now 18 days into 2023! A lot has happened in the past year and the market today is so much different from the market of January 2022. In this month's stats wrap-up, I will go over the stats from December, but also the stats from 2022 compared to 2021. Lots of potential buyers I've talked to so far in 2023 have told me they want to hold off because the market is "too crazy". I will break it down for you so you can see that 2023 is actually a great time to be in the real estate market!
In December, the average price for a single family home was $431,119. This was down slightly from $439,290 in November, but still relatively high when you look at long term trends. December 2021's average home price was $409,509, so if you bought a home a year ago (or less), don't worry, you still have equity! The pre-pandemic December 2019 average home value was $295,248, just to put things in perspective.
The average days on market for December was 46. This is a statistic that's growing steadily, up from 38 days in November and a low of just 14 days in June of 2021. A year ago, the average days on market was 26. However, looking at long term trends, 46 days is still relatively low, and we are close to where we were before the pandemic started. I think a better way to look at this stat is to look at the median days on market, since this number won't include those really tough to sell listings that sit on the market forever. Last month's median days on market was 29 days, up from 22 days the previous month. This number is, however, significantly higher than the all time low of just 4 days in April and May of 2021.
Last month there was 2.5 months of inventory available on the market. This is down slightly from November, which had 2.6 months of inventory available on the market. I attribute this slight dip more to the fact that many people choose to hold off on listing their homes over the holidays rather than a downward trend in inventory. December of 2021 had only 1.3 months of inventory available.
Speaking of inventory, December had 2,951 homes for sale vs. November's 3,252. December of 2021 had 1,822 homes for sale. Inventory is still low although it is overall on an upward trend. We have about as many homes for sale now as we did in April, 2020. My hope is that over the next year that number continues to increase while interest rates start to decrease and people will feel comfortable getting back into the market. Until then, there are plenty of great opportunities to buy and sell in this market!