2023 Q1 Market Report

Spring is here and just like the flowers sprouting from the ground, new listings have begun to steadily emerge in our market. Year over year we have experienced a substantial increase in inventory and prices have dropped some since their peak in the summer of ‘22. Sellers should not be concerned, however – we’re still seeing multiple offer situations and well-priced homes that are not testing the market are moving at a healthy pace. For buyers, there are more options available and sellers are finally back at the negotiation table. While interest rates may be a hurdle, there are clever options available via savvy lenders. Do your research and your time will be well spent.

As we head into the busy season we expect to see more listings, increased competition with buyers, and a steady churn of inventory with prices relatively flat compared to the previous year’s explosive growth. We’re seeing a rebalance in our market and a return to a healthier parity between buyers and sellers. If you have been sitting by the sidelines, now is a great time to get an updated market analysis or to explore your options if you’re looking to buy.