Below Are the Stats for 2023:
2022 2023
Average List price $1,064,786 $1,060,747
Average Closed price $1,104,034 $1,056,231
List To Close price 103.5% 99.61%
Average Days on Market 12 25
YTD Closed Sales 74 53
Expired Listings 10 4
Appreciation/ Depreciation 9.2% -4.4%
# months of Supply Less than a Month Less than a Month
Average Mortgage Rate 7.0% 6.5%
Key Take Aways
1.The Sales Volume is way down from previous years: 2021(94 sales), 2022(74 sales), and 2023(53 sales). This is most likely due to homeowners refinancing into 2 and 3% Mortgages and not being ready to give up that historical interest rate. This will keep our sales volume down for years to come.
2. The Average List price is down slightly which is a sign that the market is equalizing a bit due to lower demand.
3.Days On market is up due to higher interest rates which have pushed some buyers out of the higher price point in Solterra.
2024 Solterra Housing Predications
1. Homes in Excellent condition with Ideal Locations, ie Mtn Views, Backing to Green belts or open space, and priced well will do well procuring a buyer.
2.If our Mortgage rates fall into the 5% range this should create more buyer demand and may be add more supply and more sales to the market.
