Real Estate Market Analysis: April 2023

As we enter the second quarter of 2023, it’s a good time to take a closer look at the state of the real estate market. According to recent statistics, the average number of sales in April 2023 was 87, with an average price of $698,191. This represents a significant decrease in sales compared to the same month in the previous year, with a year-over-year average sale price drop of 3.8%. In addition, the number of active listings in April 2023 increased by 36.9% compared to the same month in the previous year.

One factor that could be contributing to the decrease in sales and average price is changes in interest rates. As interest rates rise, buyers may be less likely to take on a mortgage and purchase a property, which could lead to a decrease in demand and prices.

For sellers, it may be important to consider factors such as effective marketing strategies and competitive pricing to stand out in a crowded market. For buyers, the increase in inventory could mean more choices and more negotiating power when it comes to making an offer.

Highlighted below are some of the major areas covered by our stats:

As always, it’s important to stay informed and seek the advice of experienced real estate professionals when making decisions in the current market. Need help to decide your next move? Don’t know what these numbers mean for you? We always have an agent on duty to help you. Call our office at 705-743-4444 and we will be happy to direct you to a REALTOR® to answer your questions.

*All data from ITSO. InfoSparks®© 2023 ShowingTime MLS® Resale Residential. Information deemed reliable but is not guaranteed.