In today’s rapidly evolving real estate landscape, understanding current market trends is essential for both buyers and sellers to make informed decisions. This market report aims to provide a comprehensive overview of the latest housing data, offering insights into sales volume, pricing trends, seller concessions, and other vital metrics. Drawing on a wealth of up-to-date information, this report is tailored to shed light on current market dynamics, helping sellers and buyers navigate the complexities of the real estate industry with confidence and clarity. Whether you’re looking to invest, sell, or simply stay informed, dive into my findings to gain a deeper understanding of the present market.
July YOY Home Sales
| Sold Homes | Avg. DOM | Avg. Price | Avg. Seller Concessions | |
|---|---|---|---|---|
| 2021 | 198 | 9 | $392K | $7K |
| 2022 | 131 | 15 | $419K | $8K |
| 2023 | 91 | 20 | $417K | $12K |
- Home sales are down 28% compared to July 2022 and 53% compared to July 2021. This decline is largely attributed to the interest rate hikes implemented by the Federal Reserve to combat inflation, which has reduced the number of buyers active in the market.
- On average, it now takes 1/3 longer to sell a home than it did in July 2022, and almost twice as long compared to July 2021. In this market, it’s imperative for sellers to price their homes accurately and ensure their properties are presented at their best. Consider investing in renovations before listing your home.
- Home prices are nearly identical to those in July 2022 but have risen almost 6% since July 2021. This suggests that there are fewer homes available for sale creating an equilibrium between buyers and sellers.
- Sellers are increasingly assisting buyers with closing costs. Seller concessions have risen by 56% compared to 2022 and by 72% compared to July 2021
2023 Market Summary
| Month | Sold Homes | Avg. DOM | Avg. Price | Avg. Seller Concessions |
|---|---|---|---|---|
| Jan | 77 | 48 | $392K | $10.2K |
| Feb | 68 | 50. | $393K | $9.4K |
| Mar | 91 | 38 | $423K | $9.8K |
| Apr | 91 | 30 | $413K | $9.5K |
| May | 108 | 21 | $432K | $8.8K |
| Jun | 83 | 19 | $426K | $8.8K |
| Jul | 91 | 20 | $417K | $12.4K |
- Sales Volume Trend: March, April, and May registered the highest number of home sales, indicating that Spring was the most active season for the housing market so far in 2023.
- Time on Market: The most striking observation is the consistent decrease in the average Days on Market (DOM) — from nearly 48 days in January to just under 20 days in July. This suggests homes are selling faster as the year progresses, indicating increased demand.
- Seller Concessions: July saw a significant jump in seller concessions, reaching approximately $12,475, which is considerably higher than any other month. This might indicate that while homes were selling faster, sellers were more willing to make concessions to finalize sales.
Conclusion
As we conclude our monthly review, remember that these trends and insights are more than just figures; they’re a roadmap to understanding the ever-evolving real estate landscape. Whether you’re buying, selling, or simply exploring, being informed can make all the difference in your property journey.
Thinking of making a real estate move? Reach out to me directly, and let’s discuss how I can personally assist and guide you through the current market. Harness the insights and make your next move with confidence.