Sales Price Inches Up, Inventory Falls
Median sales price rose by .3% in March, to $500,500 versus $499,000 in February. Year over year, the median price is down 10% from March 2022 when it stood at $556,000.
The number of properties on the market fell by an eye-popping 37.5% in March over February. Total inventory also fell year over year by 16.3%. We currently have 1 month worth of inventory (down from 1.6 months in February). This statistic means that at the current rate of sales, if no new properties came on the market, we would be out of inventory in 1 month.
Sales were up 29.6% in March; compared to last year at this time, they're down by 33.7%.
Bottom Line:
We're seeing a spring bump in home sales yet sales are much lower than normal due to interest rates and very limited inventory. New listings are particularly sparse which makes the market feel ultra competitive. Properties at the lower end of the price range are seeing multiple offers again, especially those priced at $500,000 and under.
Sellers, regardless of where you fall in the price continuum, you need to price your property for today's market and work with a seasoned real estate professional if you want to maximize your sales price. Buyers, be ready to go with your financing so you can make an offer as soon as the right property hits the market.