NOVEMBER 2022 – MORE LISTINGS TO CHOOSE FROM AS MARKET TRENDS TOWARDS FAVORABLE CONDITIONS FOR BUYERS
In October 2022, we saw a nearly 47% decrease in residential property sales over the previous year, while our total listing inventory increased by 93% to 2,070 listings in total. The average prices have dropped a little since last month – now, the overall average price (all residential property categories combined) is standing almost 2% below the same time last year, landing at $833,403.
The table below shows the breakdown on where the 303 total monthly sales came from, and shows the total inventory levels for each property category.
On average, it is taking right around 50 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 49% coupled with a 117% increase in inventory over October of last year.
There has been fluctuation in the average price for a Single Family Home over the past months, however October’s average price remained above the Million Dollar mark.
TOWNHOUSE MARKET UPDATE
The townhouse market is still in high demand. Despite a 134% increase in inventory townhomes are still making up only 15% of all available listings. The average sale price finished at $671,290 – a small decrease from the average of the same month last year.
CONDO MARKET UPDATE
The condo market has also 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 39% while the inventory increased by 92%.
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 10th month of 2022 went compared to the same time periods in the previous 3 years. You will see a big difference here – in October of 2021 there were only 1.9 months of inventory whereas this year we are seeing 6.8! This means we are sitting in 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!