JANUARY 2023 – HIGH INVENTORY & LOW SALES TREND CONTINUES THROUGH END OF THE YEAR
In December 2022, we saw a 49% decrease in residential property sales over the previous year, while our total listing inventory increased by 118% to 1,490 listings in total. The overall average price (all residential property categories combined) is standing 9% above the average during the same time last year, landing at $840,798.
The table below shows the breakdown on where the 184 total monthly sales came from, and shows the total inventory levels for each property category.
On average, it is taking right around 60 days to sell a home, depending on the property type.
SINGLE FAMILY HOME MARKET UPDATE
In the Single Family Home bracket we saw a sales decrease of 43% coupled with a 165% increase in inventory over December of last year.
December’s average price continued to remain above the Million Dollar mark, with an increase of 1.2% over last December’s average.
TOWNHOUSE MARKET UPDATE
The townhouse market is still in demand. Despite a 165% increase in inventory townhomes are still making up less than 15% of all available listings. The average sale price finished at $723,784 – a nearly 4% increase from the average of the same month last year.
CONDO MARKET UPDATE
The condo market has also seen a decrease in sales in comparison to this time last year. Like the other home categories, we continue to see increases in inventory this year over last. The sales decreased by 56% while the inventory increased by 96%, that’s nearly double the amount of inventory compared to this time last year!
SUPPLY & DEMAND
The months of inventory levels are our best way to determine the strength or weakness of the market…and to recap our benchmarks:
Less than 4 Months of Inventory is a Seller’s Market
4 to 6 Months of Inventory is a Balanced Market
More than 6 Months of Inventory is a Buyer’s Market
We’ve been tracking the Months of Inventory – the graph below outlines how the 12th month of 2022 went compared to the same time periods in the previous 3 years. You will see a big difference here – in December of 2021 there were only 1.9 months of inventory whereas this year we are seeing 8.1! This means we are working with a Buyers Market at this time.
What does all this mean? Is now the time to make a move? I would love to discuss what may be right for you – Please feel free to reach out any time!