Commentary:
The current market continues run behind where we were last year, also a disappointing year. We are down 6% from last year, and 37% from 2021. Wow!
Even with mortgage rates tempering somewhat, we are still suffering from the lack of affordable listings, and the normally slower month (or so) leading up to the new year.
The good news for Sellers is that the median sales price has increased somewhat. We are about 4.9% above where we were for the full year 2022. AND, up 64% from pre-COVID 2019.
As we enter the holiday season, I'm seeing very few new listings come on the market. Way too few!
Looking Forward:
The numbers (and the headwind) don't support any recovery over the next few months. The experts are predicting a modest reduction in mortgage rates and continued low inventory.
All that negativity aside, my open houses still have a few visitors, We need a kick-start to the spring season. We see houses going under agreement, and people are still getting mortgages. But not many.
My predictions: Total 2023 Sales at 100-105, Median Prices at $780K.
If you are considering selling, now's the time to get your ducks in a row and plan for a spring sale. Reduced supply means better sale prices and shorter times-on-market. Let's get started!
