Sidney Real Estate Market Stats: August 2023 Update

In the realm of real estate, data-centric insights are invaluable. If you're keen on understanding the single-family home market in Sidney, look no further. We've compiled the most up-to-date MLS statistics to empower your decision-making process—whether you're a buyer, a seller, or simply a market observer. Let's delve into the August 2023 real estate figures and explore how they stack up against the preceding month and the same period last year.

Key Sidney Metrics at a Glance

• Number of Active Listings: 23
• Number of Sales: 6
• Median Sale Price: $932,500
• Average Days on Market: 21

Number of Active Listings

Sidney recorded 23 active listings in August 2023, a minor increase from 21 listings in July 2023 but lower than the 28 listings in August 2022. A somewhat restricted inventory could point to less choice for buyers but could be advantageous for sellers.

Number of Sales

In terms of sales, Sidney saw 6 transactions in August 2023, a drop from 10 sales in both July 2023 and August 2022. The dip in sales volume could indicate a softening demand or could merely be a seasonal fluctuation.

Median Sale Price

The median sale price for single-family homes in August was $932,500, a decrease from $1,139,500 in July 2023 but quite comparable to the $942,500 figure from August 2022. While prices are relatively stable year-over-year, it’s hard to draw many conclusion on price when there have only been 6 homes reported sold. 

Average Days on Market

The average time a property stayed on the market in August was 21 days. This is a slight increase from 18 days in July 2023 and from 14 days in August 2022, suggesting that buyers are taking a bit more time to make decisions.

Market Implications

For Buyers

• Limited Choices: Fewer listings mean you might need to act quickly when you find a home you love.
• Negotiation Leverage: A drop in median sale price might offer some room for negotiation.
• Slightly More Time: With properties staying on the market a bit longer, you may have more time for decision-making.

For Sellers 

• Inventory Advantage: Fewer listings could mean less competition, making it easier to attract potential buyers.
• Price Fluctuations: The drop in the median sale price could suggest you should set realistic expectations for your listing.
• Moderate Selling Time: The market is still relatively quick, with properties selling in about three weeks.

Conclusion

Sidney's single-family home market in August 2023 shows a mix of opportunities and challenges for both buyers and sellers. While the inventory has slightly shrunk and sales have slowed, the pricing remains relatively stable. As always, keeping an eye on these metrics and understanding their implications can give you an edge, whether you're looking to buy or sell.

“August was a slow month in Sidney real estate,” adds real estate agent Vittoria Solda PREC “So it will be extra interesting to see if things picky up as early fall sets in.”

For personalized guidance through the Sidney real estate market, feel free to reach out to our team of experts.

Note: All statistics are sourced from national MLS data for August 2023 and are subject to change.