The real estate market is constantly changing, and it's important to stay up-to-date on the latest trends and statistics to make informed decisions about buying or selling a home. In this blog, we'll be comparing the market statistics of the NVAR Region in March 2023 and March 2022.
Homes Sold
In March 2023, a total of 1,381 homes were sold in the NVAR Region. This represents a 32.1% decrease from the number of homes sold in March 2022. This decrease in home sales could be due to a number of factors, such as a decrease in demand, an increase in interest rates, or a decrease in the number of homes available for sale.
Median Price
The median price of homes sold in the NVAR Region in March 2023 was $665,000, which is a 2.3% increase from the median price in March 2022. This increase in median price could be due to a variety of factors, such as an increase in demand for higher-priced homes, a decrease in supply, or an increase in the overall quality of homes being sold.
Months of Inventory
The months of inventory in the NVAR Region in March 2023 was 0.90, which represents a 59.9% increase from the months of inventory in March 2022. This increase in months of inventory suggests that there are more homes available for sale in the NVAR Region, which could lead to a decrease in home prices over time.
Average Days on Market
In March 2023, the average days on market for homes sold in the NVAR Region was 22, which is a 57.1% increase from the average days on market in March 2022. This increase in average days on market suggests that homes are taking longer to sell, which could be due to a variety of factors, such as a decrease in demand or an increase in the number of homes available for sale.
Pending Sales
In March 2023, there were 1,603 pending sales in the NVAR Region, which represents a 29.6% decrease from the number of pending sales in March 2022. This decrease in pending sales could be due to a decrease in demand, an increase in interest rates, or a decrease in the number of homes available for sale.
Housing Inventory
The housing inventory in the NVAR Region in March 2023 was 1,417, which represents a 14.7% increase from the housing inventory in March 2022. This increase in housing inventory suggests that there are more homes available for sale in the NVAR Region, which could lead to a decrease in home prices over time.
Total Volume
In March 2023, the total volume of homes sold in the NVAR Region was $1.1B, which represents a 30.6% decrease from the total volume of homes sold in March 2022. This decrease in total volume could be due to a decrease in the number of homes sold or a decrease in the average price of homes sold.
New Listings
In March 2023, there were 1,744 new listings in the NVAR Region, which represents a 39.1% decrease from the number of new listings in March 2022. This decrease in new listings could be due to a variety of factors, such as a decrease in demand or an increase in the number of homes available for sale.
In conclusion, the real estate market in the NVAR Region in March 2023 showed a decrease in home sales, pending sales, and new listings, as well as an increase in the median price, months of inventory, and average days on market.