Market Conditions May 22, 2023Here’s our current update on all things real estate:New listings have failed to bloom in our traditionally strong spring listing season. Existing home sales
Market Update May 2023
Dated: May 22 2023
Market Conditions May 22, 2023
Here’s our current update on all things real estate:
New listings have failed to bloom in our traditionally strong spring listing season. Existing home sales dropped for the 2nd straight month. Meanwhile, multiple offers & the speed of sales keep rising, resulting in higher & higher home prices. Buyers don’t have much power to negotiate prices down. Double down on your marketing & prospecting efforts!
Tough week for interest rates as the market worries about the debt ceiling impasse. Interest rates are near 7% after holding steady around the 6.5% range over the last few weeks, despite lowering inflation & retail figures.
Lawrence Yun, Chief Economist of NAR, states that distressed property sales are virtually nonexistent. 73% of listings were under contract in less than 30 days in April 2023, according to the National Association of REALTORS® (NAR).
Days on Market (DOM) fell from 29 in March 2023 to 22 in April 2023 (NAR).
Builders are gaining market share as resale inventory continues to fall, according to the
National Association of Home Builders (NAHB). Make sure you stay aware of & take
advantage of new construction for your buyers—there’s plentiful in Central Florida!
Redfin Economist, Taylor Marr, reports that high-interest rates above 6% continue to dictate
the housing market. Marr says many buyers are using 2/2 buydown mortgages in order to have lower mortgage rates. He also states the higher rates are handcuffing/rate-locking potential sellers, who are mostly staying in place. Marr believes it’s hard to imagine a flood of new listings until the interest rates drop below 6%.
Altos Research reports only 424k single-family homes on the market nationally this past week—they predicted nearly double that number earlier this year. Many homes are going under contract in days & there are still plentiful buyers willing to pay both higher interest rates & higher prices for homes. We are not going to see home-price declines anytime soon. Sellers need to take advantage of this EXTREME SELLER’S MARKET.
Exceeding Expectations since 2006 - The Tanya McDonnell Team prides itself on not only helping you achieve your Real Estate dreams but, in doing so, we strive to exceed your expectations in every aspe....