The real estate market is ever-changing, and keeping up with its trends is crucial for both buyers and sellers. The Stellar MLS August 2023 Residential Stats offer valuable insights into the current state of the market in the Stellar MLS Florida coverage area. In this blog post, we’ll delve into the key statistics and what they mean for you.
New Listings
The number of new listings in August 2023 increased by 6% compared to the previous month. However, when compared to the same period last year, new listings are down by 12%. This suggests that while there has been a slight uptick in listings, the market is still less active than it was a year ago in terms of new properties coming onto the market.
Active Listings Inventory
Active listings inventory saw an increase from the previous month but remains down by 3% compared to last year. This indicates that while there are more options for buyers compared to the previous month, the overall inventory is still lower than what it was a year ago.
Units Sold
The number of units sold in August 2023 increased by 2% from the previous month but declined by 8% year over year. This mixed trend suggests that while sales activity picked up slightly compared to the previous month, it is still lagging compared to last year’s performance.
Total Sales Volume
Total sales volume for the month increased by 4% compared to the previous month but declined by 3% year over year. This suggests that while the market saw a slight boost in sales volume, it has not yet reached the levels seen last year.
Average Days on Market
The average days on market remained unchanged month over month but has more than doubled since last year. This indicates that properties are taking longer to sell compared to the same period last year, which could be a sign of a shifting market dynamic.
Conclusion
The August 2023 Stellar MLS Residential Stats paint a picture of a market that is showing signs of activity but is still not as robust as it was a year ago. Whether you’re a buyer or a seller, understanding these trends can help you make informed decisions.
For buyers, the increase in active listings inventory from the previous month suggests that you may have more options to choose from. However, the longer average days on market could mean that you have more negotiating power.
For sellers, the increase in new listings and total sales volume month over month suggests that the market is becoming more active, but the decline in these metrics year over year indicates that you may need to be more competitive in your pricing and marketing strategies.
