APRIL 2023 – HAS THE MARKET FINALLY COME TO BALANCE?
In March 2023, we saw a 34% decrease in residential property sales over the previous year, while our total listing inventory continued to increase by 80% to 1,870 listings in total. The overall average price (all residential property categories combined) is sitting 13% below the average during the same time last year, landing at $822,154.
The table below shows the breakdown on where the 421 total monthly sales came from, and shows the total inventory levels for each property category.
On average, it is taking right around 55 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 40% coupled with a 81% increase in inventory over March of last year.
The average price for the month remained above the Million Dollar mark, while still coming in 13% under last March’s average price.
TOWNHOUSE MARKET UPDATE
The townhouse market is still in high demand. Despite a nearly 111% increase in inventory townhomes have continued to make up only 14% of all available listings. The average sale price finished at $679,141 – a 21% decrease 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 35% while the inventory increased by 101%, 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 3nd month of 2023 went compared to the same time periods in the previous 3 years. You will see a big difference here – in March of 2022 there were only 1.6 months of inventory whereas this year we are seeing 4.4! This means we are working in the territory of a more balanced housing 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!