2023 sales have been driven, or restricted by the arrival of new listings. The slight decline in listings over the past few months has been resulting in a gradual reduction in new pendings and closed sales. Expect the gradual changes to continue into the fall.
Prices got off to a slow start this year but have hit historic highs in recent months. Average sale prices were down 9% and 2% in January and February. By April and May, they were up 9% and 12% compared to the same months last year. Looking at patterns from prior years and recent growth rates, we expect additional growth in June before seeing numbers plateau or fade a little in July.
While we can expect to see an increase in the frequency of price reductions, current are low compared to typical years and are even lower than last year. Expect market shifts to be gradual compared to last year.
