Happy New Year everyone! The market shift continued to close out 2022. The trend continues to transition from a sellers market to a balanced market as we move into 2023. Average sales price dipped slightly from the average in November. The biggest eye opener was average days on the market going up to 24 days from its low in June at 6 days. Total number of closed sales were also down but only slightly compared to previous years in December. The silver lining is that inventory continues to stay extremely low which will keep prices strong. Interest rates are hanging in the 6-6.5% range for a 30 year fixed rate conventional mortgage. The higher rates make affordability a little more challenging for buyers but I am seeing a lot of buyers re-enter the market after taking a break from all of the bidding wars this past year.
If you have any questions about buying, selling or investing in real estate don't hesitate to reach out to us. I hope you have a safe, healthy and prosperous New Year!
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