Is it ironic that we may have hit rock bottom in the market before we all go into ‘Dry January’? Possible!
As far as median sales price goes, I’m not the only one that believes we have seen the lowest we’ll go for a while. As long as the Fed doesn’t do anything crazy with rates next week, the majority of real estate professionals believe the market will start to balance out. Finally!
It’s been a rollercoaster for the last 3 years and I welcome a balance with open arms! I know the stats below look like we are still headed in a downward spiral, but remember, these are stats from December (historically a down month). January just feels different already. You’re just going to have to trust me until the next newsletter comes out.
We ended up dropping 5.5% in the median sales price department monthly, bringing us about 4.5% down from last year… I love that you can actually see the CORRECTION we went through in the graphic over 2022.
It’s taking a much longer time to get an accepted offer on homes since last year… in fact, almost 300% more time! Haha. If that doesn’t show you just how ridiculous last year’s market was, I don’t know what will. At 53 days to contract, I feel like we are back on planet earth and heading into a normal market.
All in all, I feel really good about the next 3 or 4 months and I’m excited to be able to negotiate for both buyers and sellers. That said, we have to keep an eye on what the Fed does with rate increases to battle inflation next week. If you’d like to see my view on that between newsletters, you should follow my business page on Instagram: @hawaiian_shirt_home_sales. My boy, Bryan Brady and I will talk about the Fed’s decision next week sometime.
Hang with it, folks! It’s going to be an exciting year for both buyers and sellers! Give me a call if you have any questions about what’s going on.