February 2023 Market Update in Ukiah | Housing Market Comparison!

If you've been curious about what the real estate market in Ukiah is doing this is a February market update for you and you only so special. Let's get into it!

Hi, my name is Kasie Gray, I am a realtor, broker associate, and mom, and I love living in Ukiah and my goal is to help you do the same. So, today we're going to discuss the market trends and what you'll be seeing coming up this is for February. So what we're going to do is compare February of this year to January of this year to also February of last year.

So for the homes for sale, there were 37 for sale in both February and January of this year nine ended up selling in both of those months but there were 40 homes for sale last year in February. We are down on inventory and last year in February 18 houses sold whereas nine sold this year in the month of February. That's half of the homes selling so definitely a very interesting statistic for you if you're a buyer or a seller.

The average price per square foot in the month of February was 320 dollars in January it was 283 dollars and in February of 2022, it was 336 dollars. The average sold price went up about 40 dollars a square foot but an overall hundred thousand from the month before the average days on the market was down 115 whereas the month prior it was at 126 but the year prior it is up almost double where in February the days on the market were 69. So February is 115 which means that's almost double the amount of Market time which means, if you're a seller, you're going to want to prepare for a longer transaction timeline whether that's taking longer to get an offer accepted on your home or a longer escrow the average active price.

For the month of February in 2023 was 783 thousand dollars a hundred thousand dollars in January of '23 it was 730 000 and in February of 2022, it was 644 000. So that's the active price, not the price that the homes are selling for but from the year before or up about a hundred thousand hundred and forty thousand.

As far as the average sold price which is going to kind of be more relevant in February of 2023 the average sold price was 490 100 000 in January it was three hundred and eighty-one thousand. So from the year before like I said a hundred and ten thousand dollars and in February of 2022, the average sold price was five hundred and thirteen thousand dollars. Pretty close in average sold prices.

The interesting thing is the months of inventory. So still sitting at a pretty neutral Market at 4.1 months of inventory for both February and January which means it's a little bit easier to get your offer accepted as a buyer. If you have credits or are looking for a price reduction or need some more specific terms that you are able to negotiate whereas in February there were only 2.2 months of inventory. So homes were selling faster and for more money.

If you have questions about what your home is worth in today's market. feel free to reach out I'm always here to answer any questions and help you get a free home evaluation and determine if now is a good time for you to sell or if you should sit tight a bit of work on trying to see if you can keep your house as income property and buy something else.