Market Snapshot
What is going on in our real estate market?
We have a very unusual set of market dynamics at play.
Currently, the market is characterized as “low inventory” (supply) and moderate (buyer) demand.
What makes it unusual is when we are seeing some listings sell with multiple offers in very few days of market time, while other listings sit and experience price reductions before eventually selling.
Yet, there are other listings which expire from their current listing contract period before ever selling. Perhaps the most obvious difference between this time last year and this year…. is the interest rates being about 2 points higher than May of 2022. Currently the national average for the 30 year fixed mortgage is 6.9%
Overall, as pictured above, homes are selling with less competition (see Sale Price % to Original Listing Price), and they are taking longer to sell (see Days on Market.)
Key take away… Strategic Pricing is more important than ever, as is proper preparation of the home to make it look its best.
