Part 1: 2023 Outline
Sales YoY
Residential unit sales (all types) declined to the lowest point in the past five years, falling below pre-Covid sales in 2019. 2023 Sales are down 23% from the peak set in 2021. While sales have declined, inventory in 2023 has increased over the three previous years, but the monthly average for 2023 is below that in 2019. Based on active listings, the months of inventory in Stellar MLS for December 2023 were just over four months at the current sales rate, placing it at the same level as early 2020.
The sales volume of residential property in Stellar MLS was over 80 billion dollars in 2023. This is lower than the 86 billion for 2021 but is substantially higher than the 54 and 62 billion in 2019 and 2020, respectively. The average sales price per unit was 21% higher in 2023 than in 2021, reflecting the fact that home prices increased during COVID, and have remained elevated.
Inventory Increase
Active listings in December 2023 were 53,133. November 2023, with 54,730 listings, was the highest number of active listings in the MLS since May 2019. The monthly average active listings for Stellar MLS in 2023 was 45,003, 88% higher than in 2021 and 35% higher than in 2022 but still 4% lower than the pre-COVID year of 2019.
