Important information about changes in our real estate market.
In the world of real estate, it is crucial to stay on top of the current market trends and statistics. To help with this, we will be discussing the market summary for April 2023 versus April 2022. We’re comparing the number of homes sold, active listings, average sales price, and absorption rate.
Let’s start with the number of homes sold this year versus last year. In April 2022, 1,618 homes were sold, while in April 2023, only 982 homes were sold. The real estate market has changed drastically since April of last year with the rise of interest rates and many other factors.
“It is crucial to stay on top of the current market trends and statistics.”
Next, let’s take a look at the number of active listings. There were 1,696 active listings in April 2022, while there were 1,901 active listings this year, an increase of 205 homes. Thus, there is more inventory this year. In addition, the average sales price has changed. In April 2022, the average sales price was $296,000, while this year it was $304,000, which is an increase of $8,000.
You should also be aware of the absorption rate, which refers to how many homes are on the market and how long it would take to sell all of them. In April 2022, the absorption rate was 0.9%, meaning it would take 27 days to sell all of the homes on the market. However, in April 2023, the absorption rate was 1.4%, which would come out to 42 days on the market. This is an increase of 15 days, which also indicates an increase in inventory on the market.
Lastly, let’s examine the average days on the market. In April 2022, homes stayed on the market for an average of 25 days, while in April 2023 it was 42 days. This means homes are on the market an average of 17 days longer, which is a substantial increase.
The real estate market is continually changing, and it is important to stay informed to make the right decisions. Whether you are buying or selling a home, the current market trends will always play a significant role in the process. Reach out to us by phone call or email, and we can help you find your dream home today.
