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2022 Midyear Market Update

I’m here with your mid-year shifting market review.

So, the first thing I wanted to mention is inventory, we are still in an inventory shortage. So, while you might hear a lot of national news information, talk about a crash or an adjustment, or all these words that make it sound like things have really dropped, we are not quite there. To give you an idea of where we should be with a balanced market, a balanced market has six months of inventory. That means it’ll take six months to sell all the homes on the market without any new homes coming on the market. We are currently at point nine of a month, so not even a month. So we are still a good bit away from a balanced market. And that has been the case for the last couple of years. So, taking a look at the inventory from last July to this mid-summer. Our inventory of both new listings and active listings on the market has dropped by a few 100. So not tremendously, but it’s not going in the direction that I think the national news wants to let you know, what we are seeing are a few different things. The biggest one is where we were in a market a few months ago where we were seeing a lot of homes going for sale with 20 offers 25 offers we’re seeing more that are going with four offers or five offers. So if you are thinking of buying it is a little easier to get in and get in the game. At this point, it’s easier to get an inspection, it’s easier to not have to waive the appraisal. You don’t have to give away your firstborn child, you can actually get a house get it inspected, you might even get repairs done by the seller. Another metric we measure things by are the days on market the days on market last summer were 12 they did drop down earlier this spring and summer to 11. This is an average so that means it includes the worst house you’ve ever seen in your life that stayed on the market for three months. And the ones that go you know in a day or two hours. So keeping it in perspective, the average is still 12 days on the market which is historically speaking still very low. With the days on market being lower you still if you’re buying want to move quickly if you see something that you really like. And keep in mind that again, going back to the average our average sales price to list price right now is still 104%. That means on average, homes are getting 4% More than they are listed for our market is still pretty much booming, but there is opportunity there whether you are buying or selling. And if you have questions about either one of those things, and specific to your personal real estate goals. I would love to talk to, you just reach out.