Housing Market For April 2023

New Listings: Decrease in Inventory

The number of new listings fell by 27.0% in April 2023 compared to the same month in 2022. The market saw a total of 7,290 new listings, indicating a decrease in available inventory. This decrease in new listings may have an effect on buyer options and contribute to a more competitive market environment.

Pending Sales: Demand Declines

The number of pending sales in April 2023 decreased by 28.7% from the previous year. With 5,769 pending sales, the market saw a drop in buyer demand. This drop could be attributed to a number of factors, including changes in market conditions or buyer preferences.

Closed Sales: Transactions are down.

Closed sales in April 2023 decreased by 30.9% when compared to the same period in 2022. The total number of closed sales was 4,522, indicating a drop in real estate transactions. This decline could be influenced by a decrease in new listings and pending sales, as well as other market factors influencing buyer and seller activity.

Minor Decrease in Median Sales Price

When compared to the previous year, the median sales price in April 2023 fell by 1.5%. The median sales price was $335,000, indicating a minor price adjustment. Looking at the year-to-date figures, however, the median sales price increased by 0.3% to $320,000. This suggests that home prices will remain relatively stable throughout the year.

Received as a percentage of the original list price: Reduced negotiating power

In April 2023, the percentage of the original list price received by sellers fell by 3.4%. Sellers received 99.3% of their original list price in the market, indicating a slight decrease in seller bargaining power. Market conditions and buyer preferences may influence this shift.

Increased Timeframe for Days on Market Until Sale

In April 2023, the average number of days on the market until sale increased by 36.7%. Homes were on the market for 41 days on average, up from 30 days the previous year. This rise indicates that homes are taking longer to sell, which could be attributed to market conditions, buyer demand, and pricing strategies.

Inventory Months Supply: Increased Supply

In April 2023, the months supply of inventory increased from 1.3 to 1.7, representing a 30.8% increase in available supply. This indicates that the market has shifted to a more balanced state, with slightly more inventory available for buyers to select from.