Matthews real estate market in January 2023 saw a cooling in the market with lower list to sale price ratios, longer days on market, fewer sales. Home prices were down month-over-month. Average sale prices down year-over-year, while median sale prices up year-over-year.
Matthews Real Estate Market Highlights: January 2023
AVERAGE HOME SALE PRICES DOWN IN MATTHEWS | MEDIAN HOME SALE PRICES UP YEAR-OVER-YEAR
Average sale price in January 2023 was $442,077, which was 11.5% down from $499,460 in December 2022. January’s average sale price was also down 10.4% year-over-year from $493,288.
Median home sale price in January 2023 was $425,000, which was 10.3% down from $473,875 in December 2022. Year-over-year, median home sale prices increased 10.4% from $385,000 in January 2022. The January 2023 median home sale price as at its highest level compared with January 2022 and January 2021.
Price per square foot in January 2023 was $208, down 1.4% from $211 in December 2022, but equal to the price per square foot in the same month one year ago.
DAYS ON MARKET IN MATTHEWS
Average days on market in January 2023 were 35 days, up from 25 days in December 2022 and up 22 days from January 2022. This was the highest number of days on market we’ve seen in Matthews since February 2020 (52 days).
Buyer foot traffic was lower compared with January one year ago, with the average number of showings per listing at 14.6 versus 20.7 showings in 2022. Compared with the most recent month of December 2022, foot traffic increased from 8 showings per listing. The decrease in average sale prices could well have encouraged Matthews home buyers to shop for a home in January.
MATTHEWS HOUSING INVENTORY UP YEAR-OVER-YEAR | NEW LISTINGS REMAIN LOW
The number of properties for sale in January 2023 was 146, down 11.5% from 165 homes in December 2022, but 26.96% higher than the 115 properties for sale in January 2022. The January 2023 inventory was at its highest level compared with January 2022 and January 2021, but was still lower than the inventory we saw in July, August, September, October, November, and December 2022.
The number of new listings in January 2023 was 31, up from 27 new listings in December 2022. New listings were considerably lower than what we saw in January 2022 (58 new listings) and January 2021 (54 new listings). With the exception of December 2022 and December 2021, January 2023 saw the lowest number of new listings since February 2020. Most likely, the lower levels of new listings in the months of December were seasonal/ holiday anomalies.
MATTHEWS SALES DOWN SIGNIFICANTLY
Sales decreased in January 2023 to 28 from 42 in December 2022. Sales also decreased from 45 in January 2022 and 54 in January 2021. Only November 2022 saw fewer sales in Matthews when there were just 20 sales. Taking November 2022 out of the equation, January 2023 saw the fewest number of sales in Matthews in three years. This decrease in sales is another indicator of a slowing market in Matthews.
LIST TO SALE RATIO DROPPED BELOW 100% FOR A 4TH CONSECUTIVE MONTH
With a selling price at 97.8% of list price, January 2023 saw a 4.06% decrease in the list to sale price ratio compared with January 2022. Home buyers are seeing a window of opportunity to negotiate on price in the past four months that they hadn’t seen since the October 2021.
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