April 2023 - Market Update🏡

Hello everyone!

With the end of the first quarter of the year, we are seeing some signs of stability in the market. Yes, prices are lower than 12 months ago, yes, interest rates are up and been about the same more or less since the fall, but we're seeing some life with new buyers entering the marketplace and the number of transactions trending upwards. Just in the last week, I wrote three offers representing buyers, and all were very competitive. Two were in the $1 million range and had three and six offers with less than a week on the market, and sold over asking. In the middle of last week, on a listing in the $2 million range, we received six offers and the home sold significantly over the asking price. And over the weekend, I wrote an offer close to $6 million, and two of the three offers received were all cash with closes of five days to a week.

My takeaway for the best real estate, is that buyers are willing to compete. That being said, I just haven't see a lot of quality come on the market this year, and by quality, I mean something I'd give an "A" to for location, condition, and floorplan. Buyers will step up and get what they want if the home feels compelling.

Please read on below for my interpretation of some fascinating just released statistics, and if you have questions about what you're seeing out there or I can be a resource for you, please reach out to me via the Contact page.

In the two slides below, we can see a positive sign of an increase in accepted offers. However, the number of new listings is down significantly from what we'd usually see at this time of the year, compared to the last two years. And of course, March 2020 was when covid hit, so not too reasonable to consider that month as "normal".