Spring 2023 Market Update

Where have you been?  How is the market? We aren’t seeing much come on the market. 

At long last, Ask Kathe is back!  For those of you who follow Ask Kathe on my website, AskKathe.com or KatheBarge.com, I have continued to post replies.  As most of you know by now, after 24 years selling residential real estate in Sewickley, I moved to Piatt Sotheby’s International Realty in January.  And as you also could likely anticipate, transitions take time, so I have been busy behind the screens getting ramped up for the spring market and am excited that spring is finally here!

Data over 10 years shows that the number of pending and closed sales have been consistent over the past 10 years.  Yes, there are seasonal ebbs and flows, but taking a year-over-year approach, it is remarkable how steady our market has been.  Additional data shows that prices on the eastern side of our country continue to rise.  Rising interest rates may have caused a temporary slow-down in sales last fall, but that has become an irrelevancy in our market at this point.  Buyer have adjusted to the fact that the rates are where they are, and they still want or need to move.  As we like to say “you only date the rate.” There will be opportunities to refinance at lower rates down the road. 

What the data does show, however, is that we have about one-third the inventory available at any given time than we did before COVID. This is due in part to the fact that there remains so much pent up demand that when a well-conditioned, appropriately priced home comes on the market, it sells quickly, keeping inventory levels low.  What does all this mean?  Buyers have far less to choose from at any given time and as a result, need to adjust expectations and be less choosey.  The perfect house may be years away.  And sellers, my age old mantra, again – if you would consider a move, there has never been a better time than now! Reach out to me and let’s strategize on how you can make the most of this incredible seller’s market!