We ended 2022 with 2.3 months of inventory reported for December. While this is a drop from November, it is high compared to the first half of 2022 and all of 2021, when we struggled to stay at or above 1 month. Overall activity slowed this year as 2022 had about 4,000 fewer new listings and 7,000 fewer closed sales than in 2021. One cause of this overall decrease in activity was the rising interest rates that we watched rise dramatically during the last 6 months. In conjunction with the average sales price increasing from $571,900 to $610,900, rising interest rates helped cool a seller’s market into a more buyer-friendly environment while pushing monthly costs out of some buyers’ reach.
Quite the dynamic 2022! Another impact of these changes is that average days on market has reached the mid 50s, a high we haven’t seen since around April 2020. As always, if you’re curious about how this affects your home buying or selling decisions, give us a call!