For the first time since 2020 the market has seen an decrease in the average sales price of homes. When compared on a year-to-year basis the average price in the tri-county area has dropped by more than $34,000.
Inventory continues to be the main concern in the local real estate market. Last month only 623 new listings debuted on the market. That is down from last year by nearly 38%
From July 2022 to July 2023 the average number of days a home sits on the market before going under contract has doubled. Last month the average DOM was 42 days compared to 21 days last year.
Sellers are continuing to get what they ask for. The average home that sold last month went for 99% of the listed asking price. That doesn’t give much leverage for buyers, but you have to compare it to the same time last year when homes were going for more than above the asking price.