We are officially through the first month in 2023 and what a great January it was! We did see a lot of changes with regards to legislation and rules within Real Estate but even with all the changes and a settling of prices, the market still continues to move forward.
With that being said, moving forward into 2023, you will also need to adjust your expectations as well. We have seen a settling of prices and the market has adjusted by approx 20% so we aren't seeing prices like we once saw in 2022 and we are seeing longer days on market. This is to be expected, given the large increase in interest rates, the cost of living and building...which all play a large factor in Real Estate. The average days on market right now is approximately 60-120 days depending on the listing. Price ranges $350-$750,000 are all moving within that timeline but higher end properties or farms with a higher price point are taking longer to sell and you should more realistically expect a minimum of 120-180 days on the market.
Although we still have a lack of inventory, we are seeing a lot more come onto the market.
That means Buyers have more options and Sellers need to price their properties according to market value or they will be used to help sell the properties who do.
Please see attached for the average price for homes in each of the areas we cover and information on inventory as well. Should you have any specific questions regarding your area or type of property, please don't hesitate to reach out!