2022 vs 2023 Sales – Although sales are down (28%) for 2023 the good news is that the residential median sales price is up 17% and the lot / land sale median sale price is up 20% . Of particular note is that the median sale price of residential property has risen steadily over the last three years anywhere from 17% to 22%.
As you can see, the green bars representing 2019 show a pre-Covid market environment, and we were ahead of that pace up until October, but it has started to lag behind 2019 levels. Mortgage rates have a lot to do with that, as they steadily climbed throughout the year.
The residential inventory graph shows that inventory is starting to come back versus 2021, but the end of 2021 and early 2022 lines show that inventory levels were extremely low. There are buyers lined up on the sidelines waiting for rates to come down, and I don’t think the supply-demand ratio has been resolved yet. We are still at a fraction of 2019 inventory levels.
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