Why it’s still a good time to buy or sell a home in our market.
I’m here with your August market update. Last month, we found out our market was just as healthy as it was last year, but I’m still getting tons of questions about whether or not it’s a good time to sell. I wanted to try and answer those today.
I compared July 2021 and July 2022 and found that almost the same number of houses came on the market during those times. However, the home sales in 2022 were down 13% from July 2021. This means there’s more inventory in our current market.
The houses that did sell in 2022 took the same amount of time to do so as in 2021. Both this year and the last had an average of 14 days. This shows that properly priced and staged homes continue to fly off the shelves. Prices are also still rising. They were up 2.5% in July 2022 as compared to July 2021.
If you’re a seller, now is a great time to do so, but don’t get overconfident. Buyers should keep in mind that there’s finally more inventory, and rates have recently dropped below 5%. It’s also an excellent time to shop for homes.
If you have any questions about these stats or the market in general, call or email me. I’d love to help.