AUGUST 2023 – MID-SUMMER MARKET COMES INTO BALANCE
This summer we have been watching home sale numbers grow and continue to rise above the same time period as last year, accompanied by a still growing listing inventory! With more variety available to choose from, could we be edging towards a buyers market?
In July 2023, we saw an increase of 37% in residential property sales over the previous year, while our total listing inventory increased by over 9% to 2,387 listings in total. The overall average price (all residential property categories combined) is sitting nearly on par with the average during the same time last year, landing at $843,925.
The table below shows the breakdown on where the 408 total monthly sales came from, and shows the total inventory levels for each property category.
On average, it is taking right around 43 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 45% coupled with a 10% increase in inventory over July of last year.
The average price for the month remained above the Million Dollar mark, while also coming in 2% above last July’s average price.
TOWNHOUSE MARKET UPDATE
The townhouse market is still in high demand. Despite a 16% increase in inventory townhomes are still only making up 13% of all available listings. The average sale price finished at $721,661 – a 3% increase from the average of the same month last year.
CONDO MARKET UPDATE
The condo market has also seen a significant increase in sales in comparison to this time last year. We continue to see increases in inventory this year over last. The sales increased by nearly 46% while the inventory increased by 14%.
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 7th month of 2023 went compared to the same time periods in the previous 3 years. In July of 2022 there were 7.3 months of inventory whereas this year we are seeing 5.9. This means we are sitting on the edge of 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!