April Market Recap

Happy May!

It was quite an interesting month, with a lot of ups and downs. The Silicon Valley Bank collapse and fluctuating interest rates caused some concern, but there were also some positive trends to note.

The initial phase of the 1st Quarter of 2023 seemed to have encountered a sluggish start with a notable reduction in new listings and transactions across the market. It can be assumed that the adverse weather conditions played a significant role in this situation, causing both buyers and sellers to put their plans on hold until the situation stabilizes.

However, there has been a positive shift in the market as we move into the 2nd Quarter of 2023. Notably, there has been a surge of new listings in various market segments, with pending sales and multiple offers being observed. It is worth noting that while some price ranges, particularly those below $2.5M, have experienced an upswing in activity, others, such as those in the $3-4M range, have remained comparatively quiet. On the other hand, the upper end of the market, i.e., properties priced at $5M and above, is currently witnessing a robust market, with numerous properties going under contract.

Considering that interest rates are expected to stabilize, it is likely that we will see a much more balanced market as we move into the next two quarters.