Observations from January 2023 Reports

Most of our monthly reports were posted a week ago.  Here are some observations:

• Total sales are down compared to last month and last year.

• Recent headlines such as “Existing-home sales fell every single month in 2022, new NAR data shows”  is true but look closer:

The headline is only true if you’re comparing 2022 to 2021 both of which were anomalies.  (See first graph).  But 2021 had the highest number of monthly sales in 10 of 12 months.  Compared to 2019 (pre Covid) 2022 had more sales in 7 of 12 months (second graph).  

                (Click here for full size graphs)

• Annual average sales prices:  All but one of the five categories we survey (3/2 single family homes) are down compared to 2021.  2/1 and 3/2 single family homes and 2-flats are averaging above 2019 levels.  2/1 and 2/2 condos are within 3-45 of 2019 levels.  

• Big drop in DOM for 2/1 single family in January sales

• 1/1 condos avg selling price back up over $700k after dropping below $700k in December

• Big uptick in 2/1 condo listings

• Number of active listings is up across the board – not surprising since the comparison is to early January.

• No sales of 3-unit buildings in January – 28 available

• Premiums are easing on some single family homes.

• DOM on condos increasing 

• Of the 69 units active, in contract or pending priced under $500k 44 were BMR units (64%)