March 2023 Market Report

New listings really shot up this month compared to last. 125 of these were new builds, or proposed to be built this year compared to 51 last month.

70% of the homes listed are now under contract/sold, which paints a clear picture that the market is still very strong. Especially seeing that sales prices are $5000 above list price.

Looking at the bar chart of sales prices it could appear that home values in 2023 are declining below 2022 levels. The data, however, only represents what homes are being listed on the market. It does not take into account the level of finishes, the size, location, etc….all of which strongly influence the price. Working with buyers that have been looking since 2022, I can tell you (& they would agree), prices/values do not feel lower at all.

Be prepared to compete for the house you like. Many homes are drawing more than 1 offer. See more homes to get comfortable with the prices so you’re ready to strike when you see the right value.

Inventory is still low, however buyers are not jumping at every opportunity. They are being very selective, as would be expected at any other time outside of the past 2 years. Price your home accurately. Address maintenance and light cosmetics as needed. You’re still in a very good position as the scales are tipped in your favor.

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