One of the absolute best things about having a career in real estate is that it is constantly changing. One of the hardest, most challenging things about a career in real estate… is that it is constantly changing!
As we enter into the winter season, there are several things that are important to keep in mind as you start planning for your real estate needs, goals and timelines. Market conditions are very much dependent upon the specific cities, specific neighborhoods and even price bands. We have met with countless clients these past few weeks and were surprised how many people were relying on the general media to educate themselves about the local real estate market. Despite what you are hearing on the news regarding the impact of higher interest rates and the constant shift in the economy, the local real estate market is still very healthy!
When we compare the average price per square feet of the sold properties in Jackson County in October, we were at $352/square vs. in August of 2022 the average price per square foot was $330. Although average days on market is up to 71 days (vs 34 days back in August of 2022), the months of supply is only 4.3 months. Historically, a healthy balanced market (fair odds for the seller and buyer) is about six months of supply. Right now, this means, if there wasn’t another property listed our local market would run out of inventory in a little over 4 months. In other words, our local market is in need of more inventory and because the supply vs demand is still in favor of the seller, prices are holding.
It is important to point out the statistics above are based on Jackson County as an entirety. We always encourage our clients to reach out to us for a more accurate picture of how the market in their location is directly impacting their property or future real estate goals. All too often people tend to think the only time to make contact with a real estate professional is when they are ready to sell or buy. In our experience, creating a relationship with a broker prior to these milestones can make all the difference. We are always honored to guide our clients on how to achieve their future goals.
Consider checking in and getting an update based on your specific goals, present and future needs, instead of waiting until it is actually time to list. There may be more options than you know about to get you closer to your financial goals today. Like my dad always says, “It not the questions you ask, it’s the ones you don’t know to ask.” We would be honored to be a sounding block and to be considered your real estate team!
