Market Update: What You Need To Know Now! — The Lowry Team - eXp Realty

Real Estate Market Update

June 15, 2023

Stay informed about the current state of the real estate market.

Every week, my real estate team and I closely monitor the ever-changing real estate market. With so many moving parts, we're committed to keeping an even closer eye on the weekly and monthly updates. Today, I want to share the latest real estate market update for May, focusing on our local market.

Let's start with sales, as they drive the market. In May, home sales that closed were down by 22.2%. While this may seem significant, it's actually an improvement compared to the previous trend of 20%-30% year-over-year declines. This is a glimmer of good news, suggesting a potential stabilization. However, the pressure on home sales still exists due to limited inventory.

One of the contributing factors to rising home prices is the scarcity of available homes combined with steady buyer demand. In May, the average sale price for homes sold and closed increased by 6.01% compared to last year. This growth rate is consistent with recent years. Despite some fluctuations, there is no evidence of a reverse or fall in home prices in our area.

“We're committed to keeping an even closer eye on the weekly and monthly updates.”

Another key metric we monitor closely is the list-to-sale price ratio, which indicates what percentage of the list price a home sells for. In May, homes closed at an average of 101.39% of the list price, showcasing the continued strength of the real estate market. Although sales are down, there is still strong demand, with homes often selling above the list price.

Furthermore, new listings are in high demand, with 90% of them selling within 30 days. For those homes sold in under 30 days, the average list-to-sale price ratio surpasses 102%. These figures underscore the robustness of our local real estate market. If you have specific questions about your neighborhood or are interested in buying or selling a home, please don't hesitate to reach out.

You can contact us at (513) 657-2500 or visit our website at www.lowryteam.com. We are here to assist you and provide valuable insights tailored to your needs. Thank you for your time, and we look forward to helping you navigate the real estate market.

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