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Nothing except increases in May of 2023! Let’s check in on our local market by keeping track of the month-over-month and year-over-year data for residential sales prices.
Year-over-year the Median Sales Price increased by 7.4% and the Average Sales Prices followed the same direction, but only increased by 1.7%. By look at the difference from the jump of the Median Sales Price and the Average Sales Price, you can see that there has been an increased demand for housing on the more affordable side than there has been of housing in the more expensive price ranges. While the demand has not gone away on the higher price ranges they are out numbered by buyers in the lower price ranges.
Now, when we look M/M the Median Sales Price and the Average Sales Price there isn’t as much of a difference, with a 7.8% increase in the Median and a 5.9% increase in the Average. This is a good sign for the market as a whole going into summer, showing that more buyers are coming into the market in all price ranges bringing prices up with the heightened demand.
Overall, in our market’s current inventory environment I suspect that we will continue to see a rise in prices, and at the very least sustain current pricing. However, there are some factors that could change pricing. One of which being interest rates increases or decreases which could easily result in a change in demand, especially in the higher price ranges. The other being Increase in inventory coming to market that could potentially meet buyer demand and slow down Sales Price growth.
Remember, the best way to learn about your local market is through a local realtor, not the national media. While there are factors that play into every market, there are many that differ on the local level. So whenever you need to know about the local market contact me!
