Market Reports ~ Constantly Updated

Update: 5/8/23 For the first time in over two months, the MAI stayed the same from week to week. We also saw a stark decrease in "new listing prices from 5/1/23 (S499,000), $467,000 ($32,000 decrease). Inventory levels stayed the same (33 additional listings added; 2,555 total). Overall Update: Since the beginning of 2023, the Market Action Index has jumped from 30 to 44. This means there is a sense of a stronger more stable real estate market. The closer we trend toward 50, the more competitive the market becomes. Despite the climb in interest rates since mid-2022, we are seeing the traditional trend of the market heating up as we get toward the summer months. Stay tuned to see how this plays out over the next few months. March saw a steady rise in sellers listing their homes for over $30K higher than in February. The trend is continuing through the first part of April as we've seen another $15k increase in list prices. Increases like this leads many to believe seller concessions will be slowing down and multiple offer situations will begin to pick up. April is starting off where March ended, with a sense of stabilization coming full force in the market. Refer to article below for more on why. The month closed with about 600 less homes sold than March but quality over quantity, as the sales price increased from the month prior. Pertaining to inventory levels, we are seeing a decrease in listings overall which tends to lead to higher prices. Think of a supply and demand curve...we have a lot of demand for housing with buyers plentiful, yet only so many resales and new home builds available. Stay tuned as this graph is updated weekly, every Monday. *Graph provided by First American Title