Let's look at some of the results in the graphs:
For Q1, single-family sales were down 22.3%, while average and median prices continued to rise at 3.36% and 1.90%, respectively. Certainly, the pace of increase slowed due to the rate increases. However, the continuation of prices rising was due to the lack of inventory and the competition still out there for a limited number of listings. However, a bright spot for buyers is that average DTO (days to offer) hit 35 days, which we have not seen since pre-pandemic times.
While it may not feel like it, as you can see in slide 3, weekly inventory has been outpacing 2022.
Total single-family sales volume retreated to the level of 2019. Average sales price and median price continued to rise, but the number of units sold dropped to a point bringing volume back to pre-pandemic levels.
The biggest tell in this market difference compared to last year is on slide 6, YOY Q1 Monthly New SF Listings. As you can see, January was very close to 2022, February new listings were off 22% compared to 2022, and March was off 23%. I am hearing reports that April does look different. With the numbers of CMA requests and calls in the field, it will be interesting to see if the trend reverses in Q2.