However, buyers can’t get too comfortable and assume a home they love will still be available a week or two after a showing. In February, 33% of homes went under contract within the first week and 11% were sold in just 1 day! Not quite as high as April 2022 when days on market was at a low point and 51% of homes were scooped up in 7 days or less. Sales through the first two months of the year are down about 40% compared to the same time last year. All signs point towards 2023 seeing considerably fewer homes sold than last year. So, what is in store for March and April? Sales increase going into spring almost every year, so it's no surprise to see the # of properties going Under Contract increasing significantly. But how much of an increase? The data sugests we should be back to similar levels as Jun/Jul/Aug 2022.
# OF HOMES SOLD
Two dynamics continue to constrain the market: interest rates & available inventory. Interest rates have been trending up recently, creating some uncertainty and anxiety for buyers. Inventory remains low, but the seasonal cycles we have already mentioned would suggest inventory will be ramping up for the Spring season.
Inventory just recently spiked back to almost 1,800 properties, but will time tell if this is a blip or something more sustained. Ultimately, out local market needs more homes for sale!
I Have any questions about the Market? Give me a call! Ryan Basch 443-614-4327 or email me Ryan.Basch@cbrealty.com
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