2022 was a remarkable year for real estate, now where are we heading?
Happy New Year everyone! Today I’m here with an update because so many people are asking me about what’s happening. I have some stats and information to give you a feel for what’s going on in the local market, which is similar to what’s happening nationally.
Prices are still increasing, and the increases ranged anywhere from 5.9% to 14.2% throughout the year. Therefore, this is still a seller’s market. Demand should eventually cool down because interest rates have risen, so it’s not as chaotic of a market, but sellers are still in the driver’s seat.
Days on market is a stat that shows the length of time from when a house is listed to when it goes under contract for sale. The current average is 25 days, which is still below pre-pandemic levels, so homes are still selling quickly. However, things might start to slow down.
The sales-to-list-price ratio indicates what percentage of the listing price a seller will get, and that stat is still over 100%. However, in November, the ratio was less than in November of 2021. It’s too early to tell for sure, but this might be a sign of slowing demand.
The biggest factor in the marketplace right now is the inventory of homes for sale, which rose slightly in October and November. There’s still a shortage of listings compared to the number of buyers in the marketplace, but inventory levels are slowly increasing. This means that competition may ease a little bit and give buyers some relief.
If you’re interested in buying or selling, I would encourage you to explore those opportunities. If I can help in any way, please reach out to me anytime by phone call or email. I would be happy to assist you with your real estate needs.