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July NWBG Website Market Update

The median closed sales price is up from a year ago by 8% ($1,453,000 vs. $1,350,000). Although down 3% from last month ($1,453,000 vs. $1,500,000 July 2023).
— Prices are 16% below the April 2022 peak of $1,722,500
— Prices are 12% above the recent low in December 2022 of $1,299,000

The active inventory available for sale reached its peak in 2023 at the end of August, totaling 698 units. However, the number is 32% lower than the figure from the same period last year, which stood at 1,022 units. Presently, common observations regarding the inventory include:
— “The good ones go”. A significant demand for high-quality products causes the best homes to sell quickly.
— The active inventory is made up of homes that are overpriced and/or have livability concerns.

Prospective buyers should consider the following:
— Historically, new listings taken in September (106% of average month) and October (85% of average month) are near an average month.
— November (51% of the average month) and December (32% of the average month) are the lowest new listings taken months of the year…by a lot.