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MARCH 2023

NWBG Website Market Update

The residential real estate market is being impacted by various factors, including newly added property listings, changes in interest rates, and fluctuations in job security.

Compared to the previous year, the number of new property listings taken in 2023 has decreased by 25%, which has led to a 23% decline in pending sales. However, this year, the active inventory has only increased by 11%, from 511 in December to 565.

Despite interest rates doubling over the past year and a half, from below 3% to 6.5%, the limited supply of homes on the market has helped to maintain home prices. While home prices have decreased by 17%, or $288,500, compared to a year ago, they had rebounded and increased by 9%, or $112,500, from the low in December 2022, when they were at $1,299,000. 

The frequency of multiple offers on homes has followed a similar trend as home prices – In March 2023, 24% of houses sold for more than asking

Assuming that interest rates remain unchanged from current levels, the real estate market will likely continue to experience a shortage of listings, resulting in home prices that are lower than a year ago but higher than current prices.

However, if the principal and interest payment drops by 10%, which could happen if interest rates decrease to below 5.5%, it is probable that the frequency of multiple offers on homes will increase, with over half of sales receiving competing offers.