Business

Home prices climb by 12%

By Lightning Reports, Published: February 22, 2023

The median home price climbed 12 percent while the number of homes on the market increased by 14 percent as 2022 ended, a year-end report by Allen Tate Beverly Hanks Realtors said.

The median sale price of $403,212, up from $360,500 in 2021, came as the pace of home sales declined moderately and days on the market remained low, at 18, compared to 194 days in 2012. Homes sold per month was 171, up from 112 in 2012.

Realtor Steve Dozier with Beverly Hanks said more immediate figures show an increase in the inventory of homes. On Feb. 13, there were 216 homes on the market, a 49-day supply, up from an 18-day supply one year earlier, but down slightly from the 54-day supply this past Nov. 14.

"You may hear some agents in the area talk about their being no supply of homes for sale in the local market; however, we would disagree," Dozier said in his quarterly letter to home buyers and sellers. "There are homes coming on the market every day  but buyers must be prepared to act quickly once the right home is identified." The current inventory remains low, he added, and many homes on the market are attracting multiple offers and selling above list price.

Although mortgage rates have risen to 6 percent as 2023 began, up from 3.25 percent a year earlier, the increase so far has not stalled home sales. There is 50-day supply of homes now. "To put this in perspective, when the recession hit in 2008, we had around 24 to 26 months' supply of homes available," Dozier said. "We are still doing well."

Here are other highlights of the year-end real estate sales report:

• The total single-family home sales of 1,745 was down 23 percent from the total in 2021. The total number of condo-townhome, lots and acreage also were all down year over year.
• Homes priced range from to $100,000 to $899,000 remain a seller's market while homes priced higher are in a balanced market.
• Homes priced from $200,000 to $500,000 had the lowest inventory at one month. There was a two-month supply of homes selling for $500,000 to $800,000; a four-month supply of homes listed in the $800,000s and a six-month supply of those higher.
• The list-sell ratio remained at 100 percent, the same as 2021.
• Across the nine-county region covered in the report, the median sales price was $400,000, up 9.8 percent; active days on the market was 123, down from 137 days in 2021.