North Shore | Real Estate Market Update | May 2023
The continued story of the 2023 real estate market is lack of inventory. As the data shows, inventory of new listings is extremely low which also results in a lower number of total sales. This factor is also key in what is driving prices to be higher than last year, on average. Though prices are higher year-over-year, the list price to sale price ratio has decreased to 101% from 105% last year. This tells us that we are still seeing over-list price sales, but just not as much over list price as last year. Lastly, the days to offer has also increased, on average, but still remains at a relatively low 29 days.