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 market is not near as chaotic as it once was.”

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.