JUNE 2023 – ARE WE RETURNING TO A SELLERS MARKET?
This spring we have been seeing sales return to levels comparable to the same time period last year, accompanied by a growing listing inventory! With more options available to buyers, could we see local sales surpass last years levels?
In May 2023, we saw a small increase in residential property sales over the previous year, while our total listing inventory increased by over 25% to 2,013 listings in total. The overall average price (all residential property categories combined) is sitting just 2% below the average during the same time last year, landing at $876,084.
The table below shows the breakdown on where the 556 total monthly sales came from, and shows the total inventory levels for each property category.
On average, it is taking right around 48 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 increase of 2% coupled with a nearly 15% increase in inventory over May of last year.
The average price for the month remained above the Million Dollar mark, coming in only 2% under last May’s average price.
TOWNHOUSE MARKET UPDATE
The townhouse market is still in high demand. Despite a 23% increase in inventory townhomes are currently only making up 13% of all available listings. The average sale price finished at $705,962 – an 8% decrease from the average of the same month last year.
CONDO MARKET UPDATE
The condo market has seen a decrease in sales in comparison to this time last year. Like the other home categories, however, we continue to see increases in inventory this year over last. The sales decreased by 12% while the inventory increased by nearly 60%.
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 5th month of 2023 went compared to the same time periods in the previous 3 years. You will see a difference here – in May of 2022 there were 2.9 months of inventory whereas this year we are seeing 3.6! This means we are edging back towards the territory of a sellers 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!
