The Pohrer Report - 1H 2023
Clients, prospective clients, buyers, sellers, real estate enthusiasts, colleagues and friends,
The 2023 season is nearing its end and it's been another lively one at that. Having experienced several quarters in a row of decreasing transaction volume, we wanted to make sure The Pohrer Report delivers plenty of fresh new information and insights. Thus, instead of publishing quarterly reports, we will now deliver twice a year, with our first report showcasing activity from January through June, and our year-end report covering Q3/Q4 activity and a comprehensive overview of the entire year.
As I dove into the key performance metrics from Q1 and Q2 of 2023, some trends emerged from both the data and the activity I've seen on the ground.
Total Sales Value was overall still higher than pre-pandemic levels. Even though transactions are slowing and inventory is building, we still saw tremendous activity, with over $1.6B in sales value transacting in the first half of 2023 across single family homes, condos and townhomes.
We started to feel the uncertainty people have around the larger macroeconomic climate. Inventory reached the highest levels we’ve seen in quite some time, and there was less urgency around making offers.
When removing the 3 outlier $100M+ sales from our database we began to see some weakening across PPSF and average sale price year-over-year. Average sale price was down across both waterfront and non-waterfront homes and PPSF was flat on waterfront home sales and down across non-waterfront home sales.
We continued to see pre-pandemic traffic patterns return to normal, with December to April being a very active time of daily showings.Activity slowed to one or two showings per week during the off season.
I hope you enjoy the read. As always, please don’t hesitate to reach out with any questions or if I can be of assistance to you in any way.
Gary
