AUGUST 2022 – ARE WE HEADING INTO A BUYERS MARKET?
In July 2022, we saw a 47% decrease in residential property sales over the previous year, while our total listing inventory increased by 92% to 2,186 listings in total. The average prices have fallen since last month – now, the overall average price (all residential property categories combined) is standing nearly 7% above the same time last year, landing at $845,937.
The table below shows the breakdown on where the 298 total monthly sales came from, and shows the total inventory levels for each property category.
On average, it is taking right around 37 days to sell a home, depending on the property type.
SINGLE FAMILY HOME MARKET UPDATE
In the Single Family Home bracket we saw a sales decrease of 47% coupled with a 132% increase in inventory over July of last year!
The average price for a Single Family Home in July remained above the Million Dollar mark, however we have seen a price decrease of nearly $90,000 in comparison to last months average price.
TOWNHOUSE MARKET UPDATE
The townhouse market is still in high demand. Despite a 105% increase in inventory townhomes are still only making up less than 13% of all available listings. The average sale price finished at $707,297 – an increase of 4% over the average from the same month last year.
CONDO MARKET UPDATE
The condo market has seen a decrease in sales in comparison to this time last year. Like the other home categories, we continue to see increases in inventory this year over last. The sales decreased by nearly 52% while the inventory increased by 68%!
SUPPLY & DEMAND
The months of inventory levels are our best way to determine the strength or weakness of the market…and to recap our benchmarks:
Less than 4 Months of Inventory is a Seller’s Market
4 to 6 Months of Inventory is a Balanced Market
More than 6 Months of Inventory is a Buyer’s Market
We’ve been tracking the Months of Inventory – the graph below outlines how the 7th month of 2022 went compared to the same time periods in the previous 3 years. You will see a big difference here – in July of 2021 there were only 2 months of inventory whereas this year we are seeing 7.3! This means we have started to shift into the territory of a Buyer’s Market at this time.
What does all this mean? Is now the time to make a move? I would love to discuss what may be right for you – Please feel free to reach out any time!