Market Update 2023

Introduction:
Welcome to the latest real estate market update for Northwest Ohio, providing valuable insights into the trends shaping the local housing market. As we delve into a recap of 20233, let’s analyze key statistics that shed light on the current state of the real estate landscape in our region.

New Listings:
The Northwest Ohio real estate market has experienced a 12.5% decrease in new listings compared to the same period in 2022. This decline in new listings may indicate a tightening inventory, creating a more competitive environment for potential buyers. However, with interest rates up in 2023 many buyers pulled out of the market easing some of the stress of the competitive market we have seen over the last few years.

Closed Sales:
Closed sales in the area have seen a 13.6% decrease compared to the first quarter of 2022. The drop in closed sales may be attributed to various factors, such as changes increases in interest rates, a decrease in available inventory (as mentioned above), or seasonal fluctuations. It’s essential for both buyers and sellers to navigate this evolving market with careful consideration.

Average Sale Price:
Despite the decrease in new listings and closed sales, the average sale price in Northwest Ohio has risen by 3.3% compared to 2022. This upward trend suggests that, while transaction volume may be lower, the value of properties in the region has appreciated. Sellers may find this encouraging news, but buyers should be prepared for a market where prices have seen modest growth.

Days on Market:
The average days on market have remained relatively flat when compared to the same period in 2022. This stability suggests that, despite changes in other metrics, properties are still moving at a similar pace. Sellers should be mindful of market conditions and ensure their homes are competitively priced, while buyers may find a balanced market with reasonable time frames.

Percent of List Price Received:
The percent of list price received has held steady at 99%, indicating that properties in Northwest Ohio continue to command close to their asking prices. This stability may be reassuring for both buyers and sellers, emphasizing the resilience of the local real estate market.

Conclusion:
In summary, Northwest Ohio’s real estate market in 2023 has witnessed a decrease in new listings and closed sales, coupled with a modest increase in average sale prices. The market remains stable with a flat average days on market and a consistent percentage of list price received. As we move forward, staying informed about these trends will be crucial for those looking to buy or sell in this dynamic real estate landscape.