FEBRUARY 2023 – NEW YEAR, NEW MARKET TRENDS?
In January 2023, we saw a 54% decrease in residential property sales over the previous year, while our total listing inventory increased by 124% to 1,572 listings in total. The overall average price (all residential property categories combined) is standing 8.5% below the average during the same time last year, landing at $793,852.
The table below shows the breakdown on where the 165 total monthly sales came from, and shows the total inventory levels for each property category.
On average, it is taking right around 71 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 59% coupled with a 161% increase in inventory over January of last year.
January’s average price dipped below the Million Dollar mark, with an decrease of 13% under last January’s average.
TOWNHOUSE MARKET UPDATE
The townhouse market is still in demand. Despite a 144% increase in inventory townhomes are still making up less than 15% of all available listings. The average sale price finished at $719,898 – a nearly 2% 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 49% while the inventory increased by 114%, that’s more than 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 1st month of 2023 went compared to the same time periods in the previous 3 years. You will see a big difference here – in January of 2022 there were only 1.9 months of inventory whereas this year we are seeing 9.5! This means we are working in 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!
