2022 was a wild year, with one of the strongest seller’s markets we’ve seen.
Today, I will share an update on the housing market. Let’s look at what’s happened over the last year to understand where we’re at today.
At the beginning of 2022, 5,000 homes came on the market, and about 3,900 homes sold, which at that time meant that we had about a one- to two-month supply of inventory. So what does this inventory mean? Over time, six months of inventory has proven to be a normal market. One to two months is a seller’s market, and that’s what we were in.
“Inventory increased dramatically last year.”
With this, I have some great news to share. First, we’re still in a seller’s market. Second, we have more inventory than we had last year, making it easier for buyers in 2023.
According to the most recent stats, we have roughly 9,007 homes in inventory with about 2,400 sales. This means our monthly supply has gone froma one- to two-month supply to a three- to four-month supply.
So what does that mean for you as a seller? It means that we’re still in a decent seller’s market. What does that mean for you as a buyer? That means that the market has eased up to give you more choices and opportunities. It’s not as tight as it was just a year ago when you were competing tremendously. The other good news that we have is interest rates. Recently they have fallen from about 7% to 6%, which means homes are more affordable.
If you have questions about any of this information or consider me a resource, call or email me. I look forward to speaking with you.