My View of the Market – December 2023

What will we remember about 2023? Well, the media was intent on telling everyone the real estate sky was falling. Story after story of housing bubbles on the verge of bursting and high interest rates boxing buyers out of the market.

I won’t remember it that way. In reality, at least last spring, this year was not much different than the year before. In fact, homes that were listed for $1,500,000 or less sold quite quickly in the first half of the year.

The luxury side, however, saw the biggest decrease in home sales. Homes valued over 2 million dollars tended to sit on the market much longer only to be de-listed when they didn’t sell. That said, some luxury homes sold in mere days after listing. What set those homes apart? Honestly, there was no clear indication in my mind as to why certain homes sold and others didn’t.

And early in the year, buyers actually had the unusual opportunity to be choosy. They could take their time and look for the perfect location, layout, and finishes. My buyers considered that a luxury given the frenzy of years’ past.

Ah, but then Labor Day hit along with 8% interest rates. Not gonna lie, the market fell off a cliff at that point. But I see no reason to panic. My crystal ball says next year looks to be a very promising year.  More on this in early January. Stay tuned.