“What a long strange trip it has been!
” We have lived through one of the most incredible Sellers’ Markets in real estate history. Multiple offers, over-asking sales prices with homes going off the market in record time, low levels of inventory…all of these factors have broken through the typical measuring matrix.
It’s like we are truckin’ down the highway at 120mph, suddenly reducing the speed to 80mph better to see the view and the road ahead, for that matter!
Today we are seeing that days on market are accumulating as levels of inventory increase. Yet supplies are still limited relative to demand. We are still in a Sellers’ Market and shifting towards a more balanced market
with pressure easing up for Buyers even with rising interest rates.
No one can predict the future. Nonetheless, whether you are thinking of selling or buying, it is never a good idea to attempt to time the market. The best route is to find an experienced Real Estate Professional to guide you through a successful transaction.
July 2022 brought 4.81 million in sales, a median sales price of $403,800, and 3.3 months of inventory. The median sales price is up 10.8% year-over-year, and inventory was up 0.7 months from July 2021. ~NAR
Wishing you a happy and safe Labor Day.