January Single Family Market Report

The January market delivered a strong price performance.

Sales Prices

In January 2023, average sales prices were 1 percent down compared to 2022, but $11,000 ABOVE 2021. The average sales price for January 2023 was around $438,000 compared to around $440,000 in January last year. A negligible difference.

Sales Volume

Sales volume was disappointing relative to the last 2 years. There were 481 single family sales reported in January 2023 compared to 724 sales in 2022. I expect sales volume will pick up nearer to 2021 levels as the year matures. Last year, 2023 was extraordinary and not likely to be repeated in the foreseeable future.

Days on Market

Average days on market in January 2023 was 61 compared to 52 last year and 61 in 2021. Therefore, I would say this is normal performance for the time of year.

Supply

Although this could change soon as more sellers enter the market there is less than 5 months of supply. If it drops below 4 months we will move into a sellers’ market again and values should lift.

In general, anything less than four months of supply is considered a sellers’ market. Four to six months is balanced and anything above six months of supply is considered a buyers’ market.

Round Up

For the first quarter of 2023, home sellers should consider pricing lower than the stats suggest. However, as we move into the spring selling season, sales prices should ascend in line with seasonal norms.

Look for my February 2023 report during the first week of March. Thank you.

About the author:

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