Sales Volume Grows, Inventory Shrinks, and Prices Hold Steady in February
Spring arrived early this year in the CSRA, and it appears the active spring real estate market may have sprung into action a bit earlier than usual as well. Perhaps all the 80s degree temps we had in February got people in the spirit early this year, because the number of homes sold in February 2023 vs. January 2023 surged a whopping 24 percent month over month from 435 in January to 540 in February. Keep in mind February has 3 fewer days than January, so the real numbers were likely even more robust!
This increase in market activity has created a bit more demand with average home selling about 22 days faster in February than the month, with the average numbers of days on market slipping from 92 all the way down to 70 in February. Factor in that the pending/closing process of a bank financed home averages 30 days, and that means home sellers got their home under contract in about 40 days or so. The town by town numbers are posted in the charts below.
The news wasn’t all rosy for home sellers. The average home price in the CSRA did slip 0.32 percent from January to February, which is about 3.9% on an annualized basis; however, homes are still selling for an average of about 99 percent of list price and well over list price in Richmond County.
The bottom line for our local real estate market is that the market is pretty complicated right now and can change a lot week to week and certainly month to month. As you can see in these local numbers, the housing market can even be very different from town to town in the CSRA. Having a professional to navigate the market for you can save you money and stress by educating you on the hyperlocal market in your town or even subdivision, so you can sell your home fast for the best price
The market is very tricky right now for buyers. Some homes are still getting multiple offers and bidding wars, while other homes are sitting on the market for months at a time. Knowing which category the home you have your eyes on fits into not only increases the chance you will actually be able to get your dream home, but it can also save you thousands by understanding how aggressive to be on your offer. That’s where I come in as your agent, so please give me a call today if you are thinking about buying OR selling, or BOTH!