29/09/2023
What's the market in Mansfield really doing?
Here's a side by side look at the numbers from January 1, 2022-September 28, 2022 compared to January 1, 2023-September 28, 2023.
Total Number of Sales:
2022 - 887
2023 - 827 (down 7.2%)
Total Number of Pre-Owned Home Sales:
2022 - 684
2023 - 464 (down 32%)
Average List Price of Pre-Owned Homes:
2022 - $445,525
2023 - $457,136 (up 2.6%)
Average Sales Price of Pre-Owned Homes:
2022 - $455,641 (103% sales price to list price)
2023 - $451,639 (down .008%) (99% sales price to list price)
Average Time on Market for Pre-Owned Homes:
2022 - 16 days.
2023 - 43 days. (up 168%)
Buyers have flooded to new construction home inventory this year because they can get great incentives, discounts, and ultimately interest rate buy downs as builders do not want to sit on excess inventory.
Home prices of existing homes however have stayed relatively the same this year as they were last year. You'll notice that sellers (and their agents) haven't necessarily adjusted that pricing strategy however and are pricing homes at a higher price than last year even though interest rates are higher. Buyers have responded accordingly by not bidding up the price of homes over the list price and existing homes are now taking about 6 weeks to go under contract. As always in any market, well priced homes that are in great condition are still proving to sell quickly and for top dollar.
The great news is that right now, while rates are still higher than the recent past, buyer competition is low and home prices have not risen substantially year over year for the first time in a decade. We're not seeing home prices fall substantially, but if a move is in your future over the next few years- the competition for homes is the lowest anyone expects it to be for the foreseeable future. That means this is probably one of your best opportunities we'll see in a while to make a move if that is what is best for you and your family.
Our team would love to meet with you to come up with a strategy!
