February 2023 real estate market statistics show that sales have rebounded, although they are still down from the last two years. There were a similar number of sales as we saw in February 2019. This is a positive sign for the market as it indicates a potential for continued growth and stability in the coming months.
Inventory levels are still below the 10-year average of 2,284 at 1,978, which the lack of options is well affecting the lack of options as home owners, are avoiding putting their home on the market as their is nowhere to go, its a double edged sword.
One of the most significant changes in the market is the total months of inventory, which went from 11.1 in January to 7.38 in February. This change indicates that the market has shifted from a significant buyers market to a balanced market. This is an important gauge of what type of market we are in and can help buyers and sellers make more informed decisions about their real estate transactions, this goes to show the seasonality of the industry and that the sales are picking up as expected.
Single-family sales have increased to the volume seen in November and July, which is another positive sign for the market. Homes and old inventory are also selling, as evidenced by the fact that last week, there were two separate multiple offer situations for properties that had been on the market for 6 months and priced over $3M.
Overall, the February 2023 real estate market statistics suggest that the market is rebounding and moving towards a more balanced state. Although sales are still down from the last two years, the fact that there were similar sales to February 2019 is a good sign and more of an inventory issue. The decrease in total months of inventory indicates that the market is shifting towards a balanced state, which is a positive for both buyers and sellers. If this trend continues, we may see continued growth and stability in the real estate market in the coming months
Total Sales
Sales 268
New Listings 694
Current Inventory 1,978
Median Days to Sell 42
Average Days to Sell 64
Months of Inventory 7.38
Average Sale Price $808,087
Median Sale Price $740,000
Total Volume Sold $216,567,375
Single Family
Sales 127
New Listings 327
Current Inventory 915
Median Days to Sell 42
Average Days to Sell 63
Months of Inventory 7.20
Average Sale Price $1,093,512
Median Sale Price $975,000
Total Volume Sold $138,875,968
Townhome
Sales 39
New Listings 95
Current Inventory 243
Median Days to Sell 25
Average Days to Sell 42
Months of Inventory 6.23
Average Sale Price $760,867
Median Sale Price $721,000
Total Volume Sold $29,673,800
Apartment
Sales 74
New Listings 182
Current Inventory 468
Median Days to Sell 58
Average Days to Sell 76
Months of Inventory 6.32
Average Sale Price $469,511
Median Sale Price $433,750
Total Volume Sold $34,743,807
