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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 60 J O U R N A L May 2023 Examining the Median Sales Price In March 2023, the median of all 52 metro area sales prices was $396,000, up 3.4% com- pared to February 2023, and down 2.0% from March 2022. The markets with the biggest year-over-year decrease in median sales price were Dallas at -14.1%; Seattle at -11.4%; and San Francisco at -11.3%. Two metro areas increased year-over-year by double-digit percentages: Omaha, Nebraska, at +11.3% and Wichita, Kansas, at +10.0%. Close-to-List Price Ratio Analysis In March 2023, the average close-to-list price ratio of all 52 metro areas in the report was 99%, up from 98% in February 2023, and down from 102% in March 2022. The close-to-list price ratio is calculated by the average value of the sales price divided by the list price for each transaction. When the number is above 100%, the home closed for more than the list price. If it's less than 100%, the home sold for less than the list price. The metro areas with the lowest close-to-list price ratio were Dallas at 93%; Miami at 94%; and Coeur d'Alene, Idaho at 96%. The highest close-to-list price ratios were a three-way tie between Hartford, Connecticut; Manchester, New Hampshire; and San Francisco at 102%. Days-on-Market Average The average days on market for homes sold in March 2023 was 40, down six days from the average in February 2023 and up 14 days from the average in March 2022. The metro areas with the lowest days on market were Baltimore and Washington, DC, tied at 16. The highest days on market averages were in Fayetteville, Arkansas at 85; San Antonio at 64; and Phoenix at 58. Average Months' Supply of Inventory The number of homes for sale in March 2023 was down 2.8% from February 2023 and up 56.4% from March 2022. Based on the rate of home sales in March 2023, the months' supply of inventory was 1.4, down from 1.7 compared to February 2023, and increased compared to 0.8 in March 2022. In March 2023, the markets with the lowest months' supply of inventory were Seattle at 0.5, followed by a tie between Albuquerque, New Mexico, and Charlotte, North Carolina, at 0.6. The markets with the highest months' supply of inventory were a tie between Boston and Bozeman, Montana at 2.8, followed by Coeur d'Alene, Idaho at 2.6. RE/MAX agent Keely McNeal of RE/ MAX Legends in Buford, Georgia, said homebuyers are looking beyond interest rates and seeing prices that intrigue them. "We're seeing an influx of buyers entering the market, ready to take advantage. Consumers on both sides of the transaction should work with a local market expert who understands how pricing can be a key differentiator." "We're seeing an influx of buyers entering the market, ready to take advantage. Consumers on both sides of the transaction should work with a local market expert who understands how pricing can be a key differentiator." —Keely McNeal, RE/MAX Legends in Buford, Georgia