The latest numbers and stats from our local real estate market.
If you’re paying attention to the news, you’ve probably heard that things are changing. Inflation is still climbing, and gas prices are at an all-time high. A lot is going on, so I want to update you on the real estate market.
Many people thought that the median price would drop, but it is still ticking up. We haven’t seen a drop happen yet, and many in the real estate industry aren’t sure if it will. As of June 1, we’ve sold 6,225 properties in our area. Last year, we sold 6,322 by this time, so our sales are down a little bit.
The interesting stat is just how much our pending listings are down. We’ve always had a bell curve of activity in our market. It starts in January, rises through June and July, and calms down after that. This year, our market didn’t pick up nearly as fast as it usually does, and some people I’ve talked to are seeing the same trend across the nation.
“The market will keep changing throughout the year.”
Because of this trend, our spring surge hasn’t been as strong as we’d expect it to be. We have about 3,100 properties under contract, whereas last year we had 4,500. That’s a decrease of around 30%, which is pretty significant. However, that big dip hasn’t shown in our sold properties yet, so there might be fewer new construction sales.
The active inventory count just hit 2,000 recently, which is a level of inventory that we haven’t seen for a while. Last year, we had as low as 1,300 to 1,400 homes on the multiple listing service. If you’ve been waiting to list your home until you could find a new one more easily, now might be a good opportunity.
The market will keep changing throughout the year. Interest rates have climbed; we had 2.5% interest rates at the start of this year, but recently they’ve climbed to as high as 5.5%. If you wanted to buy a home and keep your payment the same, your purchasing power has dropped by about $50,000 because of this interest rate increase.
If you have any questions about our market or real estate in general, feel free to call or email me. I would love to help.