Seller Storylines
Most years we see a large influx of new listings beginning in March and continuing through May. This can make it difficult for sellers listing in June because the increased listings create a lot more competition for the seller.
This year the number of new listings in April were down from March (red line). Sellers listing in late May or June will benefit from this lower inventory.
Note: Despite the lower inventory levels, prices have come down slightly since last year and sellers are paying concessions about 50% of the time. (see the graph at the bottom of the page)
Sellers with properly-priced properties can still expect a couple weeks on the market before going under contract, but homes needing price drops will take a lot longer to sell.
BUYER Storylines
For buyers, the mainstream media message is higher interest rates. What’s not talked about are the factors weighing in favor of buying this year vs last year.
Buyer’s paid 6.1% less this year vs last year for a single-family home (see chart above)
Buyers have a lot more inventory to choose from. Active listings are well above 2022 and 2021. (the red line)
Buyers are getting seller-paid concessions on about 50% of all transactions.
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