January 2023 Market Update
December and January are the least accurate months for the momentum meter as they do not typically reflect the true state of the real estate market. During the Holiday season, many Sellers take their properties off the market and Buyers tend to be less active.
Inventory decreases dramatically for a short time and Buyers focus on Christmas. Most of the unsold properties will be back on the market throughout January and early spring. At that time the momentum meter should definitively show the type of market 2023 will be.
Seller’s market = four months of inventory or less
Balanced market = four to six months of inventory
Buyer’s market = six months or more of inventory
If 100 active listings are available in a month, and 20 homes sold in the that
same month, then there is approximately 5 months of inventory.
