May and June have been keeping me busier than usual with some exciting new listings and fantastic buyers moving to the area. We continue to see a lack of inventory in popular price ranges and locations with just 1 month of supply (lowest since April 2022). Homeowners with 3% interest rates are unlikely to sell unless they have a very good reason or a life change. To some degree, buyer’s have become accustomed to rates in the 6’s and many buyers are “off the fence” and back in the market but frustrated with the selection. In May 2023, 44% of houses sold for over asking price in less than a week (compared to 66% in May 2022). Median prices are 9% lower than year ago, but we were down as much as 20% and prices are climbing back up. As always, please consider me a resource for any real estate questions you may have.
Posted on June 15th, 2023