LOCAL MARKET UPDATE:
Active listings are up 103% from last year, signaling a potential shift in the market. There were approximately 4,500 active properties at the end of April, which remains significantly lower than the 30-year average of 13,600 listings at this time of year. The increase in listings is notable, given that the market has been exceptionally tight for the past several years. The increase in listings has contributed to a 5% price reduction from last year, with homes experiencing a more significant decline of 6% and condos dropping by an average of 4%. The average days on market increased to 37 days, compared to 12 days in April of last year. Furthermore, 37% of homes required at least one price reduction to sell.
INFO FOR SELLERS:
Price it right initially or you may lose equity. The latest data shows that pricing your home correctly is critical in this competitive environment. With 37% of homes having required at least one price reduction to sell in March ’23, it is essential to determine the right listing price and not overprice your home. Studies show that sellers are likely to get their best offer within the first 21 days of listing their home.
INFO FOR BUYERS:
Buyers can still expect a Seller’s market, but the rise in inventory since last year is helping the situation. Overall, while the increase in listings is a promising sign for buyers, it’s too early to tell if this trend will continue. Nonetheless, this shift could provide a window of opportunity for buyers to make their move in a changing market. Mortgage rates have fluctuated this year in the 6% range, and it seems buyers and sellers are still adjusting to the new rate environment. The average discount rate in March was only 0.2%, a stark contrast to last year’s 6.4% premium. This suggests that buyers are purchasing homes for very close to what they are listed for this spring season.