The local real estate market gave some pause in the month of March this year, providing an early indication that some market cooling could be on the horizon. While one month does not indicate a trend, it does signal that the red hot market might be starting to slow.

That being said, March still put up some strong numbers by historical standards. While the 725 homes sold during the month is down 27.1% from last March, it’s still well above the 599 previous ten-year average. And, the average detached home still sold for seven-figures at $1,132,637, though it is down slightly from February 2022.

Between prices remaining fairly stable from last month and homes staying on the market a little bit longer, it’s finally starting to give potential buyers a bit of breathing room. Buyers may find they can be successful now with a more modest offer (relatively speaking, of course!), and the inclusion of some conditions.

We’ll be watching closely to see if this is the start of a new trend in the local real estate market. Contact us any time to discuss the best strategy for buying, selling, or investing in KW real estate.

Read the full report here