March 2023 Was A Neutral Market
A neutral market is when there is 3 – 6 months of inventory based on closed sales. A buyer’s market is when there are more than 6 months of inventory based on closed sales. A seller’s market is when there is less than 3 months of inventory based on closed sales.
Caveat: This report includes information for single-family homes, townhomes and condos. While the data from all three property types reflects that we experienced a “neutral market” during March 2023, sales are very different for each property type. If you would like market data on a specific property type, please contact us!
March 2023 Was A Neutral Market**
Home sales (Sold) for March 2023 was 374, which is up 57.8% compared to February 2023 and down 33.8% compared to March 2022.
Current inventory (For Sale) of properties for March 2023 was 374 units, which is up 1.7% compared to February 2023 and up 112.8% compared to March 2022.
Homes under contract (Pending Sale) for March 2023 was 417, which is up 7.8% compared to February 2023 and down 27.4% compared to March 2022.
**Buyer’s market: more than 6 months of inventory based on closed sales. Seller’s market: less than 3 months of inventory based on closed sales. Neutral market: 3 – 6 months of inventory based on closed sales.
The Average Sold Price Per Square Foot Was Appreciating*
Average Sold Price per Square Foot in March 2023 was $535. It was up 7.4% compared to February 2023 and down 17.4%
compared to March 2022.
The Average Sold Price per Square Footage is a great indicator for the direction of property values. Since Median Sold Price and Average Sold Price can be impacted by the “mix” of high or low end properties in the market, the Average Sold Price per Square Footage is a more normalized indicator on the direction of property values.
* Based on 6 month trend – Appreciating/Depreciating/Neutral
The Days On Market Trend Remains Steady*
Average Days on Market in March 2023 was 62. It was down 16.2% compared to February 2023 and down 36.1% compared to March 2022.
The average Days on Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM indicate a move towards more of a Buyer’s market, a downward trend indicates a move towards more of a Seller’s market.
The Sold/Original List Price Ratio Remains Steady**
Sold/Original List Price % in March 2023 was 92%. It was up 1.1% compared to February 2023 and down 3.2% compared to March 2022.
The Sold Price vs. Original List Price reveals the average amount that sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market.
** Based on 6 month trend – Rising/Falling/Remains Steady
The Average For Sale Price was Neutral*
The Average For Sale Price in March 2023 was $1,926,000. It was down 0.7% compared to February 2023 and down 25.2% compared to March 2022.
The Average Sold Price is Neutral*
The Average Sold Price in March 2023 was $939,000. It was up 9.3% compared to February 2023 and down 21.7% compared to March 2022.
* Based on 6 month trend – Appreciating/Depreciating/Neutral
Months Of Inventory Was Neutral
Months of Inventory based on Closed Sales in March 2023 was 3.7. It was down 34.9% compared to February 2023 and up
217.3% compared to March 2022.
