The latest market numbers have been tabulated and we can now view how 2022 wrapped and look at what insight this might provide.
Overall what we see is that the market still APPRECIATED over last year. The median sales price is UP 5.89% over that of last year (Dec 21 vs Dec 22.)
- Additionally we see less number of sales – December 21 had 33% more closed sales than December 2022
- Less new listings – roughly 75% of the number of listings vs last year
- The average number of days of market has gone up VERY slightly from 18 days on the market in 2021 to 21 days on the market in 2022.
This makes for an interesting market that points towards a potential trend for:
- A return to a market being a bit more seasonal. 2021 was a running at a very fast pace so fast the most seasonality was stripped out of it. We are now potentially going to see winter be a bit slower, with peak sale seasons being in the Spring and early Summer. But that is emphasized by POTENTIALLY! – We shall see what the market has in store.
- Longer days on market is not too surprising given the nature of the market has shifted a bit. This still adds up to a seller’s market – after all an average time on market of 21 days is still incredibly fast – that’s just longer than last year.
- Less new listings also is a potential reflection of the time of year, 2 blizzards and 3 holidays can also enter into things.
Additional stats of note are played out inside the transaction. Right now a few trends are:
- On Average, homes are selling within 2% of list price.
- Buyers and sellers are working out “concessions” such as money toward closing costs or repairs. Those are typically within 1-1.5% of the sale price.
- Inspections and other “typical” contingencies are become normal again. Buyers asking for 5-7 days to have a home inspected is now more common.
Looking ahead, January may see some spike in activity, and then things start to really take off in March/early April depending on the weather. However there are some GREAT strategies to know about that can really help you take advantage of the market. Depending on your goals, the area you are looking in, the price range, the property lifestyle type – etc- there are some seasonal strategies we can discuss that can give you an edge. Some of them are best employed over the winter time – while others shine at other times throughout the year.
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