Welcome to the First Market Minute of 2024!

Experience the Market Insights: Before diving into the detailed recap, we invite you to watch the video presented by the Bigach2Follow team at Keller Williams. Now, let's delve into the numbers and trends that defined the York County real estate market in 2023.

Listings and Closings: A Year of Adjustment

In 2023, York County saw 4,681 homes listed, marking a nearly 16% decrease from the previous year. Correspondingly, closed sales were down by 18%, with 911 fewer homes closing in comparison to 2022. While these numbers reflect a significant difference, they align with the expected slowdown following the frenzied market of 2020 and the subsequent rise in interest rates.

Average Sales Price: A Healthy Increase

Despite the decrease in listings and closed sales, the average sales price in York County rose by 2.3% to reach $436,390. This indicates a healthy and steady increase in property values, fostering a stable market environment.

Listing Price Discrepancy: Negotiations in Action

Sellers listed their homes for almost 6% higher than the previous year, with the average list price being $457,000. The difference between the average list price and the average sales price can be attributed to the slower market, resulting in price drops and negotiations. The extended time homes spent on the market, ranging from 22 to 50 days, allowed buyers to negotiate and find prices that worked for them.

Months of Supply: Balancing Act

With a slowdown in buyer activity and an increase in new construction, the months of supply in 2023 increased to 1.6. While this is an improvement from previous years, the National Association of Realtors suggests that six months of supply create a balanced market for both buyers and sellers.

List to Sales Price Percentage: Seller's Perspective

In 2023, sellers received 97.3% of the list price, based on the original sales price. This metric remains relatively high, indicating a resilient market even in the face of a slowdown.

Looking Ahead to 2024: Signs of Uptick

The end of 2023 saw a slowdown, which is not uncommon for this time of year. However, the Bigach2Follow team is excited to report a recent uptick in activity. Six new listings were signed, four families went under contract, and two more are in progress. With such positive momentum, the team anticipates a pickup in inventory, leading to a more dynamic market.

Get Ahead of the Curve: Your Real Estate Goals Await

As the market gains momentum, the potential for multiple offers and higher prices is on the horizon. The Bigach2Follow team encourages you not to let competition deter you from your goals. If you've been contemplating a real estate move, now is the time to act. Let the experts at Bigach2Follow guide you to the front of the line, ensuring you make the most of the opportunities in the evolving York County real estate market.

(Current as of Jan 5, 2024. All data from Canopy MLS Inc.)