OCTOBER 2022 – THE SHIFT INTO A BUYERS MARKET
In September 2022, we saw a 39% decrease in residential property sales over the previous year, while our total listing inventory increased by 89% to 2,122 listings in total. The average prices have gone up since last month – now, the overall average price (all residential property categories combined) is standing nearly 21% above the same time last year, landing at $961,652.
The table below shows the breakdown on where the 334 total monthly sales came from, and shows the total inventory levels for each property category.
On average, it is taking right around 48 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 almost 36% coupled with a 112% increase in inventory over September of last year.
The average price for a Single Family Home has been fluctuating over the past months, however September’s average price still remained above the Million Dollar mark.
TOWNHOUSE MARKET UPDATE
The townhouse market is still in high demand. Despite a nearly 105% increase in inventory townhomes are still making up only 14% of all available listings. The average sale price finished at $778,794 – an increase of 15% 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 37% while the inventory increased by 99%.
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 9th month of 2022 went compared to the same time periods in the previous 3 years. You will see a big difference here – in September of 2021 there were only 2 months of inventory whereas this year we are seeing 6.4! This means we have shifted into the territory of a Buyers 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!