March 2023 NEFAR MLS Stats are out and they're showing resilience in the real estate market!

Although prices are down 2.2% from last year and closed sales are down 18.0%, pending sales are only down 3.7%, a strong indicator that busy season is kicking off and we will see the number of residential real transactions increase in coming months.

The banking crisis caused interest rates to retreat, letting up on affordability right ahead of busy season in addition to buyers getting their tax refunds back (which they often use for down payments and closing costs). Due to these factors, the market has enjoyed a nice pop.

Here's the stats:

• Closed sales are down 18.0% YoY and up 40.4% MoM from February (often occurs in these months due to seasonality)

• Pending sales are down 3.7% YoY and up 17.8% MoM from February

• Affordability Index remained at 75 as interest rates whipsaw

• Days on market are now up to 40 days

• Active inventory of single family homes are up 224% from this time last year with a months supply of inventory of 2.2 (going down due to increase in sales, even though we have more inventory).

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!