Real Estate Recap June 2023

I realize that I must sound like a broken record, but it seems the same trend in our local real estate continues month after month.  Our new listings in June were down 35.1% from June 2022.  Our closed sales in June were up 7.1% over June 2022.  Our average sales price was up 21.9% over June 2022.  Our month’s supply of inventory was down 12.0% from June 2022.  The trend seems to be as inventories get smaller, prices keep going higher.

By the numbers:

New listings fell from 185 in June 2022 to 120 in June 2023, a drop of 35.1%.

Closed sales increased from 98 in June 2022 to 105 in June 2023, a rise of 7.1%.

The average sales price increased from $393,407 in June 2022 to $479,707 in June 2023, a rise of 21.9%.

The average list price of homes coming on the market was $451,569 in June 2022, and $479,190 in June 2023, a rise of 6.1%

Our inventory of homes for sale was 265 in June 2022, but only 209 in June 2023, a drop of 21.1%

It’s interesting to note that the percentage of rise in the average sales price was very similar to the percentage of drop in our inventory of homes for sale.  Again, supply and demand rules.  As inventories go down, prices go up.

If you’re thinking of listing your home for sale, let us know.  We can look at your home and prepare a Comparative Market Analysis for you.  Your home may be worth more than you think!

If you’re a buyer looking for a home, let us help you navigate this crazy market.