While the year-over-year data clearly paints a picture of a sharp market correction over the past twelve months with sales down 36.5% and average price down 14.6% from March 2022, this is not news — what’s noteworthy is seeing that transactions have increased month-over-month, and average sale price, now at $1,108,606 is trending upwards both on an actual and a seasonally-adjusted basis.
And before you dismiss this as simple market seasonality and nothing to get fired up about, perhaps I can recall your attention to last autumn and the fall market that truly never came. Typical seasonal market rhythms were not enough to pull buyers and sellers off of the sidelines and out in to the marketplace.This has to be something more. Even if it’s still virtually unrecognizable from what we might historically expect to see in a typical March market.
Will there be sellers who have spent the last year feeling like they missed their shot to cash out feeling like now is the time? An increase in inventory would do a lot to unlock the chessboard.
Absolutely
Oh so we are using m-o-m data instead of Y-o-y. Gotcha. Let’s see what a couple of months from now will bring.
Awesome! Back to sitting in my house, watching the value climb.
Time for some bidding wars! Let's drive those prices through the roof!