The year started with low inventory and high Buyer demand as Buyer’s rushed to purchase before the forecasted interest rate increases. This resulted in multiple offers and high prices for the First Quarter.
The subsequent increase in interest rates set the tone and had a dramatic effect on both sales volume and sales prices for the remainder of the year:
• Sales volume: Down by 24% fewer homes sold in 2023 vs 2022
• Sales prices: down by 6% in 2023 vs 2022
• View and download full year sales report HERE
The Northgate Team sold 16 homes in 2023, kicking off the year with a record $2.3M sale in February: 835 Meander Court (Sold $2.3M)
Followed by three more sales exceeding the $2M mark:
TourID:3075897~ Kathy Vendel, 301 Las Lomas Way. Sold $2.2MTourID:3053885~ Kathy Vendel, 1036 Tres Casas Court. Sold $2.1MTourID:3054556~ Kathy Vendel, 2042 Belford Drive. Sold $2,010,000
The months of Feb-May were the strongest in terms of selling price / price per square foot. The Summer months of June – August, the slowest.
Other notable sales: 1020 Springfield Drive, sold “off-market” for $1,990,000.
TourID:3081258~ Kathy Vendel, 1020 Springfield Drive. Sold $1,990,000
In other news...
This past Spring, Kathy was recognized as the #2 Agent in the nation for 2022 at the Better Homes & Gardens Real Estate annual conference in Las Vegas.
2024 OUTLOOK
• Strong start in Q1 due to current shortage of inventory and backlog of Buyers from 2023.
• Inventory and Buyer activity to peak in March when interest rates are expected to decrease.
PLANNING FOR SUCCESS
If you’re planning a move in 2024, it’s best to start now in prepping your home and paperwork, so that when the market peaks, you’ll be ready to place your home on the market! Strategy and preparation are key to maximizing your home’s Selling Price.
Our team specializes in preparing and marketing homes for maximum profit, generating sales over 8% higher than the Northgate Average in 4x fewer days on market as compared to other agents in 2023.
This year, we’re proud to announce our Senior Real Estate Specialist (SRES) designation, further expanding our services to support our Senior clients.
Questions? Call to schedule a complimentary, no-obligation meeting to discuss!
Cheers to your Success in 2024!
Kathy
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