The real estate market for single-family homes has experienced notable shifts between 2022 and 2023. A significant trend observed is the decline in new listings, with a 20.0% drop in September 2023 compared to the same month in 2022. The year-to-date figures further emphasize this trend, showing a 29.8% decrease in new listings by September 2023. This suggests that fewer homeowners are putting their homes on the market, which could be due to various reasons, including market saturation or economic factors.
Pending and closed sales have also seen a decline. In September 2023, pending sales decreased by 22.9% and closed sales by 20.8% compared to September 2022. The year-to-date data supports this, with a 21.0% reduction in pending sales and a 22.0% decrease in closed sales by September 2023. This could indicate a potential slowdown in buyer demand or a reflection of the reduced number of listings available.
However, it's not all negative. Homes in September 2023 sold faster than in 2022, with the days on the market until sale decreasing by 20.0%. But, when looking at the year-to-date figures, homes in 2023 took an average of 30 days to sell, which is a 57.9% increase from 2022. This suggests that while homes sold quickly in September 2023, the overall trend for the year shows a slower sales pace.
In terms of pricing, the median sales price in September 2023 increased by 11.3% to $1,300,000 compared to the previous year. The average sales price also saw a rise of 10.7%. However, the year-to-date figures show a slight decline in both median and average sales prices, suggesting that while prices peaked in September, the overall annual trend is more stable.
Lastly, the inventory of homes for sale in 2023 has significantly decreased by 41.4%, with only 1,991 homes available. The months supply of inventory also reduced by 20.0% to just 2.0 months. This sharp decline indicates a tighter market in 2023, with demand potentially outpacing supply, making it a seller's market.
The number of new listings saw a significant drop in 2023, indicating a potential decrease in homeowners willing to sell or a saturated market.
Pending Sales
2022: 1,100
2023: 848
Percentage Change: -22.9%
Year-to-date figures reveal:
Thru 9-2022: 12,257
Thru 9-2023: 9,677
Percentage Change: -21.0%
Pending sales, which represent homes under contract but not yet closed, also saw a decline, suggesting a possible slowdown in buyer demand or fewer homes available for purchase.
Closed Sales
2022: 1,309
2023: 1,037
Percentage Change: -20.8%
Year-to-date figures:
Thru 9-2022: 12,284
Thru 9-2023: 9,582
Percentage Change: -22.0%
Closed sales, which indicate completed transactions, followed the trend with a noticeable decrease.
Days on Market Until Sale
2022: 30 days
2023: 24 days
Percentage Change: -20.0%
Year-to-date comparison:
Thru 9-2022: 19 days
Thru 9-2023: 30 days
Percentage Change: +57.9%
Interestingly, while homes in 2023 sold faster in September, the year-to-date average showed homes took longer to sell compared to 2022.
Median Sales Price
2022: $1,168,000
2023: $1,300,000
Percentage Change: +11.3%
Year-to-date figures:
Thru 9-2022: $1,239,000
Thru 9-2023: $1,230,000
Percentage Change: -0.7%
While the median sales price increased in September 2023, the year-to-date figures remained relatively stable.
Average Sales Price
2022: $1,563,326
2023: $1,730,473
Percentage Change: +10.7%
Year-to-date comparison:
Thru 9-2022: $1,661,398
Thru 9-2023: $1,651,504
Percentage Change: -0.6%
The average sales price saw an uptick in September 2023, but the year-to-date figures showed a slight decline.
Percent of List Price Received
2022: 98.9%
2023: 100.8%
Percentage Change: +1.9%
Year-to-date figures:
Thru 9-2022: 102.8%
Thru 9-2023: 100.3%
Percentage Change: -2.4%
In 2023, sellers received a higher percentage of their asking price in September. However, the year-to-date figures indicate a slight decrease in the percentage of list price received.
Inventory and Supply
Inventory of Homes for Sale (2023): Decreased by 41.4% to 1,991 homes.
Months Supply of Inventory (2023): Reduced by 20.0% to 2.0 months.
The sharp decline in inventory suggests a tighter market in 2023, with fewer homes available for potential buyers.
Get updates delivered to you daily. Free and customizable.
It’s essential to note our commitment to transparency:
Our Terms of Use acknowledge that our services may not always be error-free, and our Community Standards emphasize our discretion in enforcing policies. As a platform hosting over 100,000 pieces of content published daily, we cannot pre-vet content, but we strive to foster a dynamic environment for free expression and robust discourse through safety guardrails of human and AI moderation.
Local News
Comments / 0