Sharing an important update on the latest market trends and changes.
I'd like to discuss the market numbers and updates for the second quarter of 2023.
First, let's address closed sales. Similar to the first quarter, closed sales have decreased, with a 13.3% decline compared to the second quarter of 2022. This drop in closed units may seem concerning, but it doesn't necessarily indicate a bad time to sell. It merely reflects a decrease in the number of buyers compared to over a year ago.
For reference, the Tricoli team successfully closed 135 units or properties in the second quarter of 2023, marking a 14.8% increase year-over-year. In essence, we're outperforming the market by a significant margin—approximately 28%.
"You can still get a great deal in this market, even with fewer buyers. "
Next, let's talk about pending sales, a leading indicator for the future. The southeastern market has seen an 11.4% decline, with a little over 5,300 homes going under contract. However, this decrease in pending sales isn't necessarily detrimental for sellers.
In contrast, the Tricoli team experienced a 4.9% increase in the second quarter, going under contract with 124 homes. This growth compared to the same quarter in 2022 is impressive. Our team is excelling both in closed units and pending units.
While the market may seem subdued in terms of closed and pending sales, there's still a silver lining when we look at the median sales price. It has risen by 2.7% in the second quarter of 2023 compared to the same period in 2022. This increase suggests that, despite fewer buyers and fewer homes selling, you can still benefit financially if you price your home correctly and work with the right team to market it effectively.
Inventory remains low, with a 28.9% decrease in new listings compared to last year. There are more active listings, but overall inventory is still relatively low compared to pre-COVID levels. This situation makes it a favorable time to sell, especially if you collaborate with a skilled team, implement a well-thought-out marketing plan, and price your home competitively.
We would be delighted to schedule a consultation to provide you with a detailed analysis of your specific property's value and the potential selling price. Your satisfaction is our priority, and we're here to address any questions or concerns you may have. Don't hesitate to reach out to us for assistance.