Real Estate Recap March 2023

Looking at the final numbers from March 2023, we are beginning to see sales and prices moderate, although inventories of homes for sale are still tight.  The lack of inventory is keeping prices up.

In March of this year, we sold 95 homes in the county, compared to 103 homes in March 2022.

The average sales price this March was $364,678 compared to $379,245 in March 2022. (a drop of 3.8%)

One interesting number from the stats was the percentage of original sales price received.  Last year in March the average home sold for 96.6% of the original list price in MLS.  This March the average home sold for 93.2% of the original list price.  This shows that more sellers are willing to negotiate the sales price a bit.  Negotiations of sales prices were rare last year when buyers were often paying over list price.

Last year in March we had 139 homes in the county for sale.  This year we have 189 homes currently for sale in the county.  Even with the increased number of homes for sale in the county we still only have a 2 month’s supply of homes for sale.  (In other words, if no new homes came on the market for sale and current sales rates remained the same, we would sell all our homes within 2 months.)  A balanced market (neither a buyer’s nor seller’s market) is usually considered a 6 month’s supply.

To sum up, inventories of homes for sale have risen, but it’s still a seller’s market.  Home prices have really gone up in the last 3 years but are beginning to stabilize.   If you have any real estate questions, please let us know.  We are here to help.