March Real Estate Update -Lynn Slaten, Long Realty
CONTRIBUTED BY LYNN SLATEN LONG REALTY| April 19th, 2023.
For March, 2023, there were 40 homes sold, compared to the 21 that were sold in February, 2023 (+90%.) In March, 2022, there were 46 homes sold down (-13%.)
-The median sales price for March, 2023 was $455,263, compared to $482,500 in February 2023 (-6%.) $472,500 was the median sales price in March, 2022 (-4%.)
-The sales price to list price was 98% in March, 2023, the same as in February, 2023.
-The numbers of homes sold year-to-date at the end of March, 2023 was 77.
-There are currently 47 homes on the market. The median list price is $475,000. Average days on market has increased to 66.
-There are currently 31 homes under contract. Only 15% of those sold over the original asking price.
-There is currently 1.23 months of inventory, which represents Seller’s market in all price ranges from $300K to over $1M.
March numbers are in. Overall, buyer demand increased and listing inventory decreased.
As of today, the Listing Price Points for those properties currently awaiting closing are as follows:
- $300K to $400K = 3
- $400K to $500K = 9
- $500K to $600K = 6
- $600K to $700K = 7
- $700K to $800K = 1
- $800K to $1M+ = 2
Open Houses continue to be well attended. Once again, potential Buyers are here from all over the U.S. and Canada too! With the current state of the economy and the daunting reality of high interest rates, some “lookers” are reluctant to make a purchase. They have adopted a “wait and see attitude.”
