The Capital Core Market Update November 2023:
Active listings have continued their decrease dramatically (-12.09%) since last month. These active listings prices adjusted up slightly (2.93%) and their days on market increased dramatically as well (15.38%).
Pending contracts dropped slightly (-1.73%) from last month’s report. The prices on units under contract trended slightly down as well (-2.06%) and their days on the market trended up to a 48-day average.
Our lagging indicator part of the report, the October 2023 sales when compared with September’s numbers, are up (4.4%), sold prices came up a bit too (1.56%), while days on market decreased to a 28-day average, and sellers achieved close to their asking prices (99.3%).
Our take: The market has continued seeing a dwindling of supply with many listings coming to market that are either overpriced or towards the upper end where days on market are more of a commonality. We feel hope in the air with the recent downward trend of mortgage rates and though optimistic for the long term we anticipate these current dynamics in the market to continue through the winter months.