Here’s what buyers and sellers need to know about our market shift.
What’s happening in our real estate market? Things are changing rapidly, and you need to stay informed, if you want to make smart decisions. Let’s look at the latest numbers from June 2022 and see what they say about our market.
The biggest news is that sales are down. Sold homes are down 27.5% year-over-year, but this trend didn’t start in June. Home sales have slowly been ticking down since mid-April. This is likely due to our rising interest rates and slowing demand.
Despite sales being down, the median price remains high. We peaked in May at around $380,000, while the median price in June was $375,000. Meanwhile, the average price peaked in April at $486,994, but it was closer to $457,000 in June. This is still a year-over-year increase of 14%, so the news isn’t all bad for sellers.
“Sellers need to move fast if they want top dollar. ”
Supply is also increasing. We currently have 1.6 months of inventory, which isn’t much, but it’s the most we’ve had in a very long time. Buyers have more options to choose from, and it’s reflected in our data. Showings per listing are down 23% month over month.
Condo sales are down 40% from last month. Much like single-family homes, inventory is increasing, but prices remain high. No one knows how long prices will stay this high, so if you’re looking to sell your home or condo, we recommend you move sooner rather than later. Low supply should protect prices somewhat, but no one knows for sure.
If you have questions about today’s topic or anything else, please call or email us. We look forward to hearing from you!
