March Update Highlights
March 02, 2023
Here are the highlights from Tina Tamboer’s presentation on March 2, 2023.
SUPPLY = 35% below normal, and dropping
DEMAND = 18% below normal, but rising
NEW LISTINGS = Down 16.3% from this time last year; this is the absolute lowest number of new listings going back to 2001. We need more inventory!
LISTINGS UNDER CONTRACT = Down 24% from February 2022
DAYS ON MARKET = 33; back to a normal range
MEDIAN SALES PRICE = $415,000 – this has been flat for 3 months
** From May 2022 to December 2022, the median sales price declined 13.5% but has stabilized
ANNUAL MEDIAN SALES PRICE PER SQUARE FOOT APPRECIATION = Down 4.7% YOY and will continue to be negative until at least July due to the rapid appreciation we experienced last year
PRICE REDUCTIONS = Are declining; only 13.4% of listings had a price reduction in the last week of February 2023; this indicates less pressure on Sellers due to low supply
* * median price reduction was $10,000, but varies by price point
CONCESSIONS = 48% of all sales in February had seller paid concessions (down from 51% in January); median concession is $9,362
SALES PRICE VS. LIST PRICE RATIO = 97.2% of list price under $1M; 95% of list price over $1M
What’s reasonable to expect in the coming weeks/months?
Please feel free to reach out with any questions. We have more detailed notes if anyone would like them. Bison Ventures, we understand that the current market is challenging and there is uncertainty regarding interest rates. We know we have many clients in need of a new home, and we do not want today’s interest rates to be a barrier. We are currently offering the Bison Refinance Program – After six on-time payments of your new mortgage, you are eligible for a Special Refinance for a period of 3 years from your closing date. This entails NO lender or appraisal fees. Please let us know if any of your clients would be interested in discussing this further. It’s a perfect opportunity to buy now, and lower rate later!