Market Update, June 29, 2023

Summer is officially here, and the summer selling season is in full swing. It’s an excellent time to look at inventory and affordability in our market.

The supply of homes continues to improve, which is good news. During May 2021, we only had 2,075 homes for sale. Last month, there were 5,228. Buyers had about 2.5 times more homes to choose from than two years ago. 

In May 2019, about ten months before the pandemic, there were 10,533 homes for sale, so inventory is still lower than before the pandemic.

Prices remain high, in part, because inventory in May was just 35% of the average. 

Sellers were more reluctant to list this year than last – new listings were down just over 25%, but new listings rose almost 9% compared to April. 

Our decrease in new listings is similar to what’s happening throughout the country, where more than 98% of metro areas saw new listings decrease this May compared to last May.

We’re no longer helping sellers decide between 20 offers like we were during the pandemic. 58.1% of local sellers who sold last month offered concessions to buyers, which could indicate that sellers are pricing too high and then being forced to give more to buyers. If you’re going to sell, consider pricing a little lower to attract more buyers. Then you’ll have a better chance of getting more competing offers and you’ll be less likely to cut your price or offer concessions. In fact, you may sell for more than you would starting at a higher price.

Affordability is still top of mind for buyers, who carefully consider their options in this market. Home prices are down compared to a year ago but have risen since the beginning of the year.