May '23 Market Report
While projections indicate that the influx of new listings should reach last year’s levels during the latter half of this year, there’s still a noticeable delay. Buyers continue to face extended waiting periods and intensified competition due to the persistent scarcity of top-quality listings.
While the market frenzy may not be as vigorous as it was the previous year, an impressive 61% of last month’s closed sales were at or over the full asking price. Sellers presenting pristine, move-in-ready properties consistently receive their premium asking prices. Buyers fortunate enough to find these outstanding listings must craft equally standout offers to beat their competition. In April, 45% of completed sales surpassed the full asking price, while 16% met it and 39% fell below. Compared to 2022 and 2021, our market cycle is demonstrating a delayed trend this year. We anticipate reaching the peak for over-asking sales in a few months.
Last year took off like a rocket and jumped into an early feeding frenzy, but the market suddenly ran out of steam in June. This year, limited inventory (quantity and quality) has us off to a slower but steadier start. Demand remains strong and sales should continue to grow so long as we can keep some quality product on our shelves. Experts across the country predict a more level market this year with stronger second half compared to 2022. While this year hasn’t been so intense, having a little more logic and less emotion in transactions is not a bad thing for buyers or sellers. Our business will be driven by our ability to help sellers bring their listings to the market.
