Hi. This is Ted with Century 21 Alton Clark with Today’s Market Update.

New Listings are down from the previous month and have increased by 6% when compared to last year, while Active Listings have decreased by 2% from the previous month and is up 19% compared to last year. The number of units sold increased from the previous month by 2% and have decreased by 5% year over year. Inventory increased during that same timeframe.

Total sales volume increased by 3% month over month and has increased by 4% year over year. Average Days on Market has increased 5% month over month, and has increased 20% since last year. So, not only have we seen an increase in inventory, but homes are staying on the market for an average of 48 days.

So, if you’re a Buyer in today’s market, an increase in inventory, combined with the fact that homes are staying on the market longer, means there are more homes to choose from. I’ve also noticed more flexibility when it comes to negotiating a sale price, asking for seller concessions or repairs, or having contingencies accepted.

However, even with the increase in inventory, demand still outweighs supply. So it continues to be a Seller’s Market… creating an advantage to those considering selling. But also realize… as more inventory comes to market, a bit of that advantage softens. So, If you’re thinking of selling, NOW is a great time to sell and take advantage of the equity in your home.

From Mount Dora to Leesburg, The Villages to Ocala, throughout Lake, Marion & Sumter counties & Central Florida, the numbers may be slightly different, but the markets trends are the same.

That’s my final update for 2023, which can probably best be described as “indecisive”… as plans to buy or sell a home having been put on hold, largely because of rising interest rates, weakening affordability and a desire to move.

But that’s looking to change in 2024 as 3 factors affecting home affordability improve. Mortgage rates are down from their recent peak and the fed is meeting this morning and is predicted to discuss reducing interest rates even further. Home prices are expected to rise at a slower rate and wages are increasing faster than usual. That’s good news if you want to buy a home!

And more buyer activity is always a plus when it comes to selling your home.

If you’d like to find out more about your specific market, or if I can help in any way, let’s connect and let me to be your “One Stop” for Real Estate.