Buyer demand remains higher than it was during the mid-winter slowdown. The number and percentage of listings going into contract and overbidding percentages remained higher and days on market continued to drop. Buyers are still out there and we still have a shortage of available properties.
Although we are starting to see improvements, the market remains significantly weaker on a year over year basis.
Year over year, first quarter 2023 median house sales price was $843,000, down about 5% from first quarter 2022.
Year over year, first quarter 2023 median house price per square foot value was $526. Down 7% from Q1 2022.
Active listings on market continue to trend far below pre-pandemic levels. Currently there are 315 active listings in the County. A snapshot of April 2019 showed over 700+.
April sales are also trending below April 2022. There have been 87 sales month to date. In 2022, 149 sold in the same time period.
Months Supply of Inventory (measuring how long it would take to sell the current inventory of listings at the average monthly sales rate over the past 6 months) varies by price point.
Under $750,000: 1.1 months
$750,000-$999,999: 1.4 months
$1,000,000-$1,499,000: 2.5 months
$1,500,000-$1,999,999: 3.6 months
$2,000,000-$2,999,999: 2.8 months
$3,000,000-$4,999,999: 3.3 months
$5,000,000-$9,999,999: 5.2 months
$10,000,000+: 17 months
The number of new listings coming on market is still very low. Assumptions are that sellers are holding off on listing due to the doubling of interest rates since early 2022 and property replacement challenges. There are still buyers that will sell but unless they are moving to a less expensive area or don't have to finance their purchase, many are hesitant to make the move.
In the luxury market, the stock market may have played a role in cooling the buying frenzy. With stock prices down, luxury buyers might also be waiting for a market shift.
Source: COMPASS Market Newsletter April 2023