Let's delve into York County's real estate scene and gain access to valuable insights for October 2023. Whether you're in the market to purchase or sell or simply curious about real estate trends, get ready to acquire knowledge, find inspiration, and feel empowered as we unveil the highlights of York County's Real Estate Market for October 2023.
New Listings
To kick off our analysis, let's explore the assortment of fresh properties that made their debut in the market during October. In October 2021, the market witnessed the introduction of 464 new listings. Nonetheless, in 2022, there was a notable 26.3 percent decline in the property count, leaving only 342 listings on the market. Fast-forward to the current year, 2023, and the market has seen an additional decrease of 6.4 percent compared to the previous year, resulting in a total of 320 properties. Clearly, there has been a significant reduction in the availability of homes.
Homes for Sale
Now, let's take a closer look by examining the supply of homes available for purchase. In 2021, there were 355 homes listed for sale. In 2022, the inventory of homes for sale surged by 62.5 percent, reaching a total of 577 homes on the market. However, this year, in October, there was a decline of 14.2 percent, resulting in 495 homes available for sale. This figure is lower than the previous year but higher than the 2021 inventory.
Pending Sales
Shifting our focus to pending sales, let's examine the statistics from October 2021. In 2021, there were 425 pending sales, but in the subsequent year, we observed a notable decrease of 36.0 percent, bringing the number down to 272 pending sales. This year, we experienced a minor decline of 3.7 percent, resulting in 262 pending sales.
Median Days on Market
Now, shifting our focus to the median days on the market in October, let's begin with the year 2021, when properties had an average listing duration of just 4 days. Transitioning to 2022, there was a substantial surge of 300 percent, leading to properties spending an average of 16 days on the market. However, in 2023, we observed a decrease of 18.8 percent, bringing the median listing duration down to 13 days.
Months Supply of Homes for Sale
Now, turning our attention to the Months Supply of Homes for Sale, let's examine the figures from October 2021. Back in 2021, the supply was quite low, at just 0.9 months. However, in 2022, the supply increased significantly by 88.9 percent, reaching 1.7 months. In 2023, there was a further uptick of 5.9 percent, bringing it to 1.8 months. This indicates that if no new homes were to be added to the market, it would take approximately 1.8 months to sell the current available inventory.
Median Showings to Pending
Now, let's delve into the analysis of the median showings to pending ratio. In October 2021, it took a median of 9 showings to generate a pending sale. Moving to 2022 and 2023, there was no change compared to 2021, remaining with 9 showings to pending for both years.
We hope you’ve found our comprehensive analysis of the York County real estate market insightful. If you’re considering selling your home this year, determining the right pricing strategy is crucial, and our team is on hand to offer our wealth of knowledge and assistance. Feel free to reach out to The Linda Hall Team at Century 21 First Choice. Let’s collaborate to realize your property aspirations for 2023!