November
Overall, November showed a slight slowdown in comparison to recent months. Closed Sales were down 42%, with 31 closing in November 2022 compared to the 5-year-average for the month of 44 residential sales. New Pending Sales were also down, with 31 in November compared to the average of 41 for the month. Active Listings remain lower than average, but the gap is closing, with 150 noted in November 2022 compared to the average of 218. Compared to 2021, there were 32% more listings this past November. New Listings were down slightly - which is not surprising during this time of year - with 33 new homes in November 2022 compared to the average of 39 for the month. Still a positive sign for our market, Average Days on Market continues to remain low, with most homes selling on average of 35 days compared to the 5-year-average of 115 days. Average Days on Market is a good indicator to gauge buyer demand and interest.
Year to Date
Overall, prices have remained steady despite an overall slow-down in other areas. There have been roughly 27% less homes sold in 2022 compared to 2021, but Average and Median Sold Prices remain slightly higher than last year. Average Days on Market also continues to drop, down 16% from this time last year. As we mentioned in the previous section, this is a good indicator when looking at buyer activity. The vast majority of homes are selling in 30 days or less, with 45% selling in 10 days or less. While statistics are down from 2021 and 2020, when comparing 2022 to 2019, there's still tremendous growth and the market is very strong in comparison. For reference, in 2019, there were 464 homes sold January-November at an average price of $348,807, compared to 494 homes sold so far in 2022 for an average price of $556,861. Average Days on Market in 2019 was 151 days, compared to 41 in 2022. It's all about perspective!
Buyers
Don't be discouraged by the weather - winter is still an excellent time to purchase! The lack of foliage allows you to get a better view of the lot, view, and overall terrain. Purchasing in winter also means you'll most likely be closed and enjoying your home by the summer season! If you have plans to rent your home as a vacation rental property, you also have plenty of time to make any modifications needed and get your home photographed and marketed without a time crunch. Mortgage rates have steadied and dropped slightly, too. We strongly recommend talking to local lenders who are familiar with our area and market, as they'll be able to best advise you on the best programs and options for you and the property you're interested in. While there are still multiple offer scenarios happening, there are plenty of good deals hitting the market every week. Building your relationship with your REALTOR early on will benefit you in the long run - especially when it comes to writing an offer and negotiations! They'll know best how to represent your interests.
Sellers
It's still a good time to sell your home - but don't wait! Active Inventory has been slowly rebounding throughout 2022, but Average Days on Market remains low and still dropping. There's a buyer out there looking for a home just like yours! Pricing is a key strategy in our current market as buyers are more savvy than ever. Your agent can create a comparative market analysis to help find the best price for our current market and your home's unique attributes. Remember - our area is unique! Agents that don't regularly work in the area put you at a disadvantage when it comes to CMAs and pricing strategies. Once you determine the best listing price, your agent and the Railey Realty support team start the onboarding and marketing process to promote your property. From listing to contract to closing, your agent is here to support you.
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