Commentary:
The current market continues to be losing ground when compared to last year, also a disappointing year. We are down 6.5% from last year, and 37% from 2021. Wow! August, September and Octobers' sales were dramatically under where they should have been.
We shouldn't be surprised. Mortgage rates have (in some locales) touched the 8% level, inventory is about 70% under pre-COVID levels, and the 'winter season' is here (a little early ince Thanksgiving is early this year).
The good news is that the median sales price has increased somewhat. We are about 4.8% above where we were for the full year 2022. AND, up 64% from pre-COVID 2019.
As we enter the Winter, I'm seeing a few (but not enough) new listings coming onto the market. They are certainly hoping that the lower inventory will mean higher sales prices.
Looking Forward:
My eternal optimism may be getting me overly optimistic. The numbers (and the headwind) don't support any recovery over the next few months. The experts are predicting 8% mortgage rates and continued low inventory.
All that negativity aside, my open houses still have visitors, houses still are going under agreement, and people are still getting mortgages.
My predictions: Total Sales at 100, Median Prices at $780K.
If you are considering selling, now's the time to get your ducks in a row and plan for a sale. Reduced supply means better sale prices in shorter times-on-market. Let's get started!
