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    JANUARY MARKET MINUTE

    Average Sales Price dropped a bit from November
    Northbrook
    $629,915 | +4.0%

    Average Market Time
    Northbrook
    46 | -4.2%

    Month’s Supply of Homes-Same as November

    Northbrook
    1.5 | -11.8%

    New Listings

    Northbrook
    813 | -27.7%

    Happy New Year! Cheers to a prosperous 2024.
    I’m Caroline Gau with Real Broker LLC

    In Northbrook our average sales price is $630,000 while that’s down a bit since November it’s still 4% higher than last year.
    Our average market time is 46 days down 4%.
    We have 1.5 months of inventory available for sale. 6 months is a balanced market. If no new homes came on the market it would take 1.5 months to clear out the current inventory. This means we are experiencing a strong seller’s market.

    Our new listings are down 27.7% with only 813 homes in NB on the market.

    Interest rates are an average 6.61%

    Where do we go from here?
    A succinct quote from Freddie Mac:

    The rapid descent of mortgage rates over the last two months stabilized a bit this week, but rates continue to trend down. Heading into the new year, the economy remains on firm ground with solid growth, a tight labor market, decelerating inflation, and a nascent rebound in the housing market.

    This gives me optimism for 2024. What do you think?

     

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