One of the interesting aspects of our market is that prices continue to rise in 2023 even though buyer activity is down significantly from each of the previous two years. As the chart below shows, showings are down by 23% compared to the first 6 months of 2022, and down by 32% compared to first half of 2021.
Another trend the chart makes clear is that there is usually a seasonal aspect to buyer activity. Typically, showings peak in the springtime and then subside in the summertime and throughout the remainder of the year.
Buyers and sellers should be aware of these changes as we enter the summer season. Showings will decrease in July and August, for sure. Bidding wars will be less common. And we'll see fewer buyers writing offers that waive inspection and appraisal contingencies.
The seasonal shift we're experiencing right now is another reminder to always consult with a local pro whenever you're thinking about buying or selling. Remember, the headlines you read won't give you the information you need in our constantly changing market. But you can always call on us whenever you're ready for a helpful conversation. We're always prepared and ready to help.
This article is published courtesy of:
Dan Miller, REALTOR
Mad City Dream Homes & RE/MAX Preferred
1619 Monroe Street #1, Madison, WI, 53711
