SEMI – Over-Asking Sales Remain High Despite Slower Market
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2023 sales have been driven, or restricted
by the arrival of new listings. The slight
decline in listings over the past few months
has been resulting in a gradual reduction in
new pendings and closed sales. Expect the
gradual changes to continue into the fall.
Prices got off to a slow start this year but have
hit historic highs in recent months. Average
sale prices were down 9% and 2% in January
and February. By April and May, they were up
9% and 12% compared to the same months
last year. Looking at patterns from prior years
and recent growth rates, we expect additional
growth in June before seeing numbers plateau
or fade a little in July.
While we can expect to see an increase in
the frequency of price reductions, current
numbers are low compared to typical years
and are even lower than last year. Expect
market shifts to be gradual compared to
last year.
