02/02/2023
Going to keep this short and sweet today, listings are up, and sales are down. With the number of sales being as low as they are (244 in Jan 2023), the average sale price is more sensitive to movement during these times.
Interest rates continue to impact buyer affordability in the market; however, with inventory levels remaining low in the "affordable" price ranges, buyer demand still shows itself in certain cases.
An example of this happened with a listing we had earlier this week listed for less than $500,000. The property sold for 115% of the asking price within 2 days. Not to mention we had 30 showings booked, and 6 competing offers.
In the higher price ranges, the lack of adjustment in new build homes prices allows higher-end resellers to hold their prices due to comparable value being presented.
Now more than ever, pricing your home right in today's market, patience, and realistic expectations are important in helping you achieve the results you are looking for.
Always remember: Real estate is a long-term game.
Being in the real estate market day in and day out, I work to educate as many people as I can on all topics of real estate. I am always here to chat.
If you found this helpful, I greatly appreciate any feedback, concerns, and questions I can cover in future posts for you.
Have a great February! 😄