New Listings
To kick off our analysis, let's delve into the influx of fresh properties hitting the market in July. Back in 2021, we recorded a substantial count of 514 new listings. However, by July 2022, this number took a dip of -12.8 percent, leaving us with 448 new listings. Fast forward to the current year, and we encountered yet another decrease of -14.5 percent in July, bringing the new listings down to just 383.
Homes for Sale
Next, let's examine the market by looking at the homes for sale. We start in July 2021, when we had a total of 320 homes available for sale. Moving on to July 2022, we observed a significant increase of +62.8 percent, reaching 521 homes for sale. However, this year, in July, there was a decline of -26.9 percent, resulting in 381 homes available for sale.
Pending Sales
Shifting our focus to pending sales, let's explore the figures from July 2021, where we recorded a total of 448 pending sales. By 2022, there was a notable decrease of -24.3 percent, leading to 339 pending sales. However, this year showed a positive trend with a modest increase of +3.5 percent, reaching a total of 351 pending sales.
Median Days on Market
Now, let's examine the median days on market in July, beginning in 2021, where properties spent an average of 3 days listed. Moving to 2022, there was a significant increase of +66.7 percent compared to the previous year, with properties staying on the market for an average of 5 days. This year, we observed another notable increase of +60.0 percent, bringing the average days on the market to 8.
Months Supply of Homes for Sale:
Let's now analyze the months supply of homes for sale. In July 2021, the supply was a mere 0.8 months. However, in 2022, there was a notable increase of +75.0 percent compared to the previous year, resulting in a 1.4-month supply of homes for sale. This year, we experienced a slight decrease of -7.1 percent, leading to a 1.3-month supply of homes for sale. This statistic represents, in simpler terms, given the current sales pace, it would take approximately 1.3 months for the current inventory of homes on the market to be sold.
Median Showings to Pending
Now, let's delve into the analysis of the median showings to pending ratio. In July 2021, it took a median of 10 showings to generate a pending sale. Moving to 2022, there was a slight decrease of -10.0 percent compared to the previous year, with 9 showings to pending. This year, we maintained the same figure as the previous year, once again recording 9 showings to pending as the median ratio.
We hope you've enjoyed exploring the local York County real estate market with this comprehensive local analysis. If you're considering selling your home this year, setting the right price can make a substantial difference, and we're here to lend our expertise. Reach out to The Linda Hall Team at Century 21 First Choice, and let's collaborate to accomplish your real estate objectives in 2023!