Our Market Has Been Getting More Competitive
Breaking down the trends we’ve seen in the market for the past month.
The real estate market has been experiencing changes over the past few months, so today, we’ll discuss the changes that occurred from December 2022 to January 2023.
As of the end of January 2023, there were 4,120 properties available on the market, representing a 13% decrease in active inventory compared to the previous month. In addition, closed homes decreased by almost 30% month on month to 2,041. The average sold price for homes also dropped by 1.5% from $636,311 in December to $626,311 in January.
One of the most notable changes was the days on the market, which increased to an average of 46 days in January, more than double what we saw a year ago. All of these changes indicate that the market is shifting to a more competitive environment.
"You may be able to secure a better deal if you act now."
Despite the decrease in closed homes and the average sales price, there has been a flurry of activity, ranging from showings to offers on inventory. This increased activity could be due to the decrease in inventory, leading to buyers making offers sooner.
In this market, it is crucial to have the right real estate agent to help you navigate the complexities of buying or selling a home. If you plan to buy or sell a property, now might be a good time to act. With decreased inventory, there is less competition in the market, and you may be able to secure a better deal. If you are a seller, it is essential to work with an agent who understands the current market conditions and can price your home correctly.
If you have any questions, don’t hesitate to reach out to me by phone or email. I look forward to hearing from you.
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