09/08/2022
📊MARKET UPDATE📊
Was the market slower in August - yes. 🐢
Would we expect that in August - YES! 🙌🏻
Inventory is starting to climb and transaction numbers have come down this past month. Call it “sluggish”🐌. That creates a more balanced market than what we’ve had and gives buyers (in particular) some room to breathe 🧘🏻
However, it’s worth putting this year’s activity in perspective. 2️⃣0️⃣2️⃣1️⃣ was a banner year - record setting in the number of transactions and the increase in average sale price. 🥇🏆
Now, when you looking at YTD stats for 2️⃣0️⃣2️⃣2️⃣, you’ll see our transactions are still up 5.8%. AND that’s after weathering over 3% in interest rate increases. 📈
The takeaway - the market has still demonstrated tremendous strength. When you contrast to pre-pandemic numbers, this is even more apparent. 🆙 58.9% from 2️⃣0️⃣1️⃣9️⃣.
See the breakdown of sales activity below (contrasted with last year’s numbers):
0-$425K: 1271 Sales -16% (1:4 chance of selling)
$425K-$600K: 435 Sales -3.5% (1:4.5 chance of selling)
$600K-$800K: 138 Sales +5.3% (1:6 chance of selling)
$800K-$1M: 23 Sales -28.1% (1:10.5 chance of selling)
$1M+: 18 Sales +5.9% (1:18 chance of selling)
Get an agent 🧔🏻♂️👋🏻 and hear what’s 𝘳𝘦𝘢𝘭𝘭𝘺 going on out there‼️
Danny Israel 🔸COMMUNITY🔸 Royal LePage ArTeam Realty
