Real Estate Market Report 6-10-2023

Dated: June 10 2023

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Hello,

Here are some weekly real estate market statistics that may be of interest to you:

Year-over-year percent change in active listings inventory: +1.9%

Preliminary data indicates that for the first time, the inventory of active listings increased from one year ago, up 1.9%. More inventory is entering the market compared to last year.

If you are a buyer, this is GOOD. More inventory means more opportunity to buy a home. If you're ready to buy, give me a call. If you are considering selling, this means more competition for you. If you're ready to sell, give me a call.

Median Home Prices Rose 15.4% 

The median existing-home sales price on homes sold rose at a slightly slower pace of 15.4% year-over-year (19.2% one year ago). Nonetheless, this is still a fast pace. What does this mean? For anyone on the fence last year waiting for home prices to go down, they actually went up 15.4% instead. 

If you look at a historical chart of home prices in the US, they tend to go up. As I share with all of my buyers and sellers, do not try to time the market.

As a buyer, purchase when you're ready but do not delay. If you are going to be in your home for 7 years or more, you will more than likely be ahead -- irregardles of the current state of the housing market. Prices and interest rates today will not be the same 7 years from now. Buy now and refinance later. You will have the best of both worlds. On average, homes are still closing at a price slightly higher than asking, at 100.5%. Depending on where you're purchasing however, that number can be higher.

As a seller, you sell when you're ready. Do not however, hold out thinking that your home's value  is going to rapidly increase and receive multiple offers well over your asking price like it may have over the last two years. Market values are stabilizing and more homes are now up for sale (see above).

Having said the above and given the current time of the year (May/June), properties are now selling faster. Listings that sold in the past four weeks ended May 29 were only on the market for 12 days, faster than 15 days one year ago. As I mentioned in this month's newsletter, this is the hottest time of the year to buy or sell a home. Buyers and sellers with children want to settle into their new school district by the end of August. If you have that target date in mind, the time to enter the market is now.

 That's it for now. More next week. If you;d like to speak with me about this real estate report or any of your needs, please call, text or email me at any time.

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Patrick Hardy, ABR®, PSA, SRES®

Hey there! Welcome to my website. I am absolutely thrilled that you're here. My goal is to help you buy or sell your property to your utmost satisfaction.I've been in sal....

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