... And we are off to the races! January 2023 NEFAR MLS Stats are out!

The market environment has changed from the 2020, 2021, and 2022 market highs as we enter a more normalized market. As we transition to the new market environment, sales and prices are coming down while days on market and the number of active listings are going up. Approximately 1 out of 12 agents took home a paycheck in January and are often responding to the market by reducing expenses, increasing their efforts, and adjusting their methods and messaging.

Here's the stats:

Closed sales are down 39.3% YoY and down 34.9% MoM from December.

Pending sales are down 18.5% YoY and up 29.0% MoM from December.

Affordability Index improved slightly to 76 from 68 due to rates coming down recently.

Days on market are now up to 55 days from 45 days the prior month.

Active inventory of single family homes are up 162% from this time last year with a months supply of inventory of 4.7.

The new market environment is a massive opportunity for gritty, focused, & strategic agents to grab market share. This is a great reset that is very healthy for the market long-term. This is it!