Let's examine our local real estate statistics in 2023 compared to 2022.
1. The number of sold lots has decreased by ~26%.
2. The number of sold homes has decreased by 5.1%.
3. The number of platted lots has decreased by ~33%.
4. The number of notices of default has decreased by ~6%.
5. The number of foreclosures has increased by 250%. (28 in 2023 vs. 8 in 2022)
6. The number of building permits has decreased by ~29%.
7. The average size sold home is 2,143 square feet.
8. The average sold price per square foot is $269.
9. The median size sold home is 1,862 square feet.
10. The median sold price per square foot is $263.
The year-over-year foreclosure numbers, while attention-grabbing, are relatively mild when considering historical data. For example, there were 1,407 foreclosures in 2009, putting the 20 so far this year in perspective, as historically low still. Increased interest rates (now around 8%, the highest since 2000) are slowing the market, but buying and selling still occur. Of the 1,631 listings, nearly 25% are under contract, but selling takes more time and may require price adjustments or property improvements to make it happen. New construction continues, but high lot prices, building costs, and interest rates have slowed it down some. Build jobs are expected to be similar to 2017, with fewer lot sales. Check the charts below for more details and feel free to ask any questions or seek assistance with your real estate needs. Thank you.
