What We’ll See in This Year’s Market

2022 was a crazy year! Everyone thought we might be dipping into a recession, but our inventory stayed low and our prices stayed up despite fewer transactions, so it was an overall great year. What's in store for 2023? In short, 2023 will be very similar.

Dr. Yoon, a residential real estate economist, is predicting that nationwide sales will drop another 7% this year, and prices will only increase by 1%. Locally, I think the sales drop will be closer to 4%. The main reason why we see such market stress and fewer deals is that we can't build new homes quickly enough. The regulations by the cities are not allowing the builders to build because it costs too much money. Over the next year or two, I think we'll see the same pattern along with a strong market for sellers with multiple offers. 

If you have any questions or want to know about my team and myself, feel free to contact me by phone or email. We look forward to hearing from you.