Market Update - February 2023

We are well and truly into 2023 and it has been an interesting start to the year with a significant change to the market conditions when compared to the last couple of years.

Here is what Adam has to say:

Hi, I’m Adam Savage and welcome to the Peter Fisher market update for February 2023.

Real estate in Orange for the start of 2023 is very different to what we saw over the last 12 months. The market has virtually done a 180 degree turn, in that last year we saw the market with less overall listings and more buyers.

2023 has started with more overall listings on the market and less buyers. We are still seeing and talking to buyers on a daily basis, however, they are taking their time when purchasing a property as the urgency in buying is not as strong as it was 12 months ago.

I’m pleased to say that Peter Fisher Real Estate is the leading Orange agency with the most number of sales over the last three months. I feel this is largely due to our knowledge in the industry with over 50 years’ experience, being able to adapt to changing markets and the overall team from Peter Fisher.

The medium house price is currently $700,000, up 12.9% over the last 12 months.

Average time on market to sell a property is now around four to six weeks compared to 30 odd days last year. Open homes are still our best form of feedback from buyers. The market is more competitive now than it has been for the last few years.

If you are considering selling your property, it’s crucial that you price your home accordingly in the current market and also that you present the property as well as possible to be competitive and attract potential buyers through the door.

If you are not sure what improvements you should make to your property before selling, please contact our sales team and one of us will be more than happy to guide you through this process.

Thanks very much for listening and make sure you get out and about and enjoy the last of this summery weather.

We hope you’ve enjoyed our market update and found it informative.

If there’s any real estate question you would like our agents to answer, please don’t hesitate to contact us to let us know.

We would love to hear from you!