2023 Quarter 2 Market Report

It has been about a year since the real estate market began shifting locally. A major question on many people’s minds is – Are prices coming down? Based on the year-over-year figures there isn’t any clear evidence of depreciation. In fact, the overall average sale price continued to increase, up 24% from a year earlier. Despite this average price increase, the overall market continues to experience challenges as many buyers wait on the sidelines for a “good deal” and others have been sidelined by affordability issues. The overall number of transactions dropped 14% even though buyers have a nice boost of available properties to choose from with 30% higher inventory compared to last year. Properties are staying on the market an average of 193 days which is up 53%. Could a combination of higher inventory, fewer sales, and longer marketing times force prices down?