Market Update, March 9, 2023

Prices rose in February compared to January but are still down 10% since their peak last April. Sellers who don’t price right are reducing their asking prices and offering incentives like rate buydowns to attract buyers. Homes prepared well and priced at or below market value are still receiving multiple offers and selling for over the asking price. Mortgage interest rates continue to fluctuate, and buyers are keeping an eye on rates. Closed sales were down almost 25% year-over-year in February.

Every February since 1985, an average of 12,905 homes have been for sale. Inventory increased since last year’s record low, but we’re still far below average, with just 3,778 homes for sale at the end of the month. It’s been since 2014 that we’ve seen so few new listings, and since homes have spent this long in the MLS before they sell.
 

Residential – Detached and Attached Homes

Average Closed Price: $657,921
+5.23% compared to January
+1.29% year-over-year

Median Closed Price: $562,500
+4.39% compared to January
-2.17% year-over-year

Active Listings at the End of the Month: 3,778
-8.30% compared to January
+208.16% year-over-year

Closed Homes: 2,661
+22.51% compared to January
-24.87% year-over-year

Average Days in MLS: 48
+4.35% compared to January
+242.86% year-over-year