A recap of all the important changes in the January 2023 market.

Keeping track of real estate market trends is crucial for anyone looking to buy or sell a property. That’s why today, I’ll review the performance of the market in the past month and compare it to the same time last year. We'll look at pricing, sales, and supply and demand to provide you with a comprehensive picture of the current state of the market.

The latest numbers show that there has been a 4.2% increase from January 2022 to January 2023, with a median sales price of $500,000 this month. However, I anticipate this number will continue to decrease as we move into February, March, and April and will eventually turn negative during the spring when we compare 2023 to 2022. In fact, I expect pricing to be lower this year than it was at the peak of the market last year. On the other hand, pending sales decreased by 19.2% this year, and new listings decreased by 4.5%, which means that demand has decreased more than supply, putting continued pressure on pricing to decrease.

“I expect pricing to be lower this year than it was at the peak of the market last year.”

As for how things are selling compared to the asking price, this time last year, we were at 99.3% of asking price, while this year, we are at 97.6%. So, if you list your house for the median price of $500,000, you can expect to receive an average of $8,500 less than you would have at this time last year. Additionally, it takes 40% longer to sell a home in January this year compared to the previous year's January.

If you have any questions or want to know more about how this may impact you, please don't hesitate to call or email me. I am here to help.