Market Update | March

Listings are starting to pick up - we have double the number of listings that we had at this time last year!  The historical month over month average increase in listings from February to March is 7.55%. This year’s increase of 19.53% represents the third largest percent change month over month. Nonetheless, we only currently have 4,516 listings, far off from the historical average of 13,609 for this time of year. 

 

More good news: the seasonal spring market is here, and we are seeing closings increase. We are also seeing multiple offers and bidding wars for homes priced correctly. Our average closing price is down 5% from last year, but this is to be expected, as last year’s average was around the peak of our market. According to the economists at Realtor.com, the week of April 16-22 will be the best week of 2023 in which to sell a home. Sellers who are waiting for that perfect moment might want to consider starting preparation so that they might take this opportunity to sell.

 

The 30 year fixed rate mortgage pulled back a bit from its high in February and ended the month at 6.57%. However, the Fed had another 25 basis point rate hike, stating that achieving the goal of lowering inflation to 2% is still a ways away.

 

Just over 37% of homes listed for sale lowered their asking prices, a noticeable decrease from November 2022, when 58.4% lowered their prices. This could be a sign that sellers are now adjusting to market realities and pricing their homes better from the outset.