Changes in the housing market that sellers need to know about.
Today we are here with an important market update for anyone who is thinking about selling their home. We will be comparing the first quarter of 2023 to the first quarter of 2022. Just remember that last year’s market was extremely strong and that different locations categorize their areas differently.
First, the number of transactions is down 28.7%. Only five areas in our MLS have gone through more than 100 transactions so far this year, and only one of those areas is seeing growth in sales, then two are experiencing a 20% decrease in sales.
“Homes that are priced correctly will still sell.”
Secondly, inventory is still low. There are about 2,300 homes in the MLS currently, and only a few areas have over 100 active listings. This decrease is mainly due to the rise in interest rates. As a result, the median sales price has increased by about 4%.
Even with higher sales prices and lower inventory, our recommendation for sellers is to not overprice their homes. This is not the time to test the market. High interest rates are affecting what buyers can afford, so you need to consider that when choosing your price. Homes that are priced correctly will still sell.
If you’re wondering what you should sell for or are curious about what your home is worth, don’t hesitate to reach out! We can help you with all of your real estate needs, so call or email us anytime.
