2023 Third Quarter Market Update

by Evan And Maria Lawler

Overview Summary

The stats are in! The median sales price for all property types is up from both last quarter and Q3 2022. We had a 3.5% increase of the sales price in the last year. The total total dollar amount (sales volume) decreased by 14% in the last year, I think for 2 reasons: available inventory and loan rate increases. The amount of listings are climbing ever so slightly, but not enought to change our market. This 3.8% increase in available properties for sale is a small, 260 listing increase. Finally the days on the market is 3 days quicker than last quarter and a week slower than last year. If we focus more on the rural property (removing Greene County where Springfield is located), the current days on the market is 27 days! That's a huge difference when comparing the 7 median days on the market when including Greene County.

Price Trends

Below you can see the Median and Average Sale Price trend since the beginning of Q3 2022. We had a slight dip in the end of 2022 and beginning of 2023, but ended up with a 3.5% increase from 2022 Q3.

Sale/List Ratio

Below, you can compare the Original and Current List Price to actual Sale Price Ratios. This shows that most listings are reducing mid listing period before going under contract. During the COVID rush, these numbers exceed 100%. We are finally leveling out and sellers are having to adjust expectations. The time for pie in the sky prices is through. Sale prices have been driven up thanks to that time period, low inventory, and still level demand, but the rate at which that increase happened has drastically slowed and leveled out. You'll notice that the ever so slight price drop in the graph above correlates to the reduced sale/list price ratio timeline in the graph below.

Days on Market

Our days on the market really began to climb Q3 2022 and began to fall Q2 2023. Q3 2023, we are starting to see another climb.

Sales Volume

By now, you'll notice the negative trend in the 4th quarter of 2022 and the improvement in the 31st quarter of 2023. The sales volume is no different. Q4 2022 took a large dive and began recovering in the first and second quarter of 2023. The volume isn't quite where it was a year ago, down 14.3% from Q3 2022 to Q3 2023.

Sales Volume

I hope this is helpful in understanding our current area market! As always, I am happy to break this down and interpret it to your situation, location, and property type.

2023 Third Quarter Market Update

by Evan And Maria Lawler

Overview Summary

Price Trends

Sale/List Ratio

Days on Market

Sales Volume

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