Summer is approaching, and with it the “mid-summer” real estate lull that results from kids being out of school and subsequent vacations. 2023 has been similar to the late 2010’s so far, namely solid but not spectacular, we’ll see how the next few months go.
April is normally a high point for new listings, but last month’s new inventory was 11% below April 2022. This is what happens in a recession (and with higher interest rates), and it would appear we’re in the early stages of one. We had one in the technical sense last year with 2 quarters of economic contraction, but chances are this will be more prolonged. Housing affordability remains near an all-time low, but it’s at least leveled the last 11 months or so. Despite a soft April, inventory is more than double what it was this time last year, giving buyers more options. It remains a great time to sell despite there being more competition, as we’re still averaging just 50 days on market.
I went to the Arboretum the other day. Just a reminder it’s a wonderful time to go there before the temperature skyrockets. It’s really impressive what they’re able to do with such a small staff.
Thanks to everyone who made it such a great Client Appreciation Party. It’s a pleasure to hold them, and to thank people for their business, referrals and continued support. I’m my own worst critic when it comes to brisket, but it was obliterated regardless of my personal feelings. Also, congratulations to Benjamin Menke (pictured below, top left) for winning the 1st Annual CAP Disc Golf Putting Competition.
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