The latest news and updates on our local real estate market.

As we move into 2023, it's important to take a look at the state of the real estate market and what changes we can expect to see in the coming months. January 2023 saw a significant increase in the number of homes available on the market, with 20,202 homes available compared to 11,626 last year, which represents a 73.7% increase in active inventory.

However, despite this increase, the number of new homes coming onto the market actually decreased to 7,802 this year from 9,080 last year, a 14% drop. Similarly, home sales were down 39% from 4,346 this year compared to 7,102 last year. This increase in inventory has caused the monthly supply of inventory to increase from 1.64 months last year to 4.65 months this year, a 283% increase.

So, what's behind these changes? One of the factors contributing to this trend is low interest rates, which are encouraging sellers to keep their homes off the market and wait for a better time to sell. This has put pressure on buyers, who now have more options available but still face limited inventory.

However, this may also be an opportunity for buyers to take advantage of the lower interest rates, with the 30-year fixed rate currently at 5.99% and the 15-year fixed rate at almost 5%. While there may not be as many multiple offers for sellers in this market, it's a calmer market with less stress for both buyers and sellers.

If you're considering making a move in the real estate market, now might be a great opportunity to do so. For more information or to discuss why this is an opportunity, give us a call at 602-738-9943 or send an email to jason@thepenroseteam.com.