Median Sales Price Drops, Sales Inch Up
In December, the median sales price was $485,000, down nearly 5% over November. Year over year, the median price dropped just over 5% (5.3%) when it stood at $512,000 in December 2021.
The number of properties on the market dropped 21.5% in December. Compared to a year ago December, inventory is up significantly by102.2%. We currently have 1.8 months worth of inventory (down from 2.4 months in November). This metric means that at the current rate of sales, if no new properties came on the market, we would be out of inventory in 1.8 months.
Sales were up slightly in December, by 2.4%; on a year over year basis, they're down significantly (by 42.8%).
Sales were up slightly in December, by 2.4%; on a year over year basis, they're down significantly (by 42.8%).
Bottom Line:
We're starting to see some positive news on interest rates, with rates falling by .75% since mid November. I'm cautiously optimistic that we'll see rates in the low 5's sometime this year. Buyers are still out there (even in the rain they've been coming out to open houses) and inventory, while doubling year over year, is still low, Sellers, keep your eye on the current market when pricing your property and work with a Realtor® who is a marketing pro. Buyers, you will have more to choose from as we get closer to the spring and summer and you're going to have less competition and a little more leverage (and you won't have to give up all of your contractual protections to get into contract).