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March 2023
For March, there were 37 homes sold, compared to the 5-year-average of 45 for the month of March. New Pending Sales were down, with 39 reported in March 2023 compared to the average of 53. Active Listings remains lower than the average, however, the gap has lessened considerably. There were 48 new residential listings in March compared to the 5-year-average of 62 homes for March. Days on Market was relatively stable from the average, coming in at 103 days. Keep in mind that’s just the average for the homes sold in March 2023, not overall. Last month saw a bit of a slowdown in the market. April has seemed busier than usual, so we’ll see if it was just a dip in the overall data or a new trend.
Q1 2023
This year will certainly be our new ‘normal’ in terms of the market and its growth. After three years of break-neck pace, we’re now gently returning to a more sustainable market. Overall, there have been 25% less homes sold so far in 2023 compared to 2022. While 41% of homes sold in 30 days or less, that percentage has shrunk from past years. But it’s still a great indicator that buyers are actively searching and ready to purchase. Roughly 30% of buyers are still paying with cash. Average home values have remained steady from last year.
Sellers
Get ahead of the spring listing surge and list now! New listings hit their peak in May and June, beat the ‘rush’ and make sure your home stands out by listing early. Homes are still in high demand and selling quickly in the area. Pricing remains a crucial strategy, though, no matter the market. The agents at Railey Realty are able to use specific and local market data and knowledge to advise you on the best price range for your property. Our in-house marketing team uses the latest in digital trends for exposure, presentation, and marketing. Our results speak for themselves!
Buyers
Spring is a great time to purchase! New listings will hit their peak in May and June, so it’s best to get ahead of the curve if you’re looking to purchase in the next 3-6 months. Establishing your relationship with your REALTOR now will allow you to feel confident in your decisions and make sure you have the best partner during the buying process. The agents at Railey Realty are the largest group and the highest producing in the area – there’s a 60% chance a Railey agent will list the home you’re buying! That means that your agent can reach out to the internal network with your wants and needs and see if anything is about to hit the market that meets your criteria. Financing your purchase? Don’t let interest rates scare you away! Interest rates may never be as low as they were during COVID years – waiting for lower rates could mean missing the perfect home. A qualified lender can always help advise you on options with adjustable rates, loan terms, and refinancing options.
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