October 2022: Market Briefing & What That Means For You

Written by Nicole Darbaz

Market Brief

YTD average sale price is $351,716. Up 7.67% - or $25,070 - over 2021
This is the highest average sale price in the last 10 years, officially surpassing our previous 10-year high in 2014 (wrap up of Hebron project)
YTD average list to sell ratio (what a house lists for vs what it sells for) is 99.2% - up from 97.9% - in 2021.
This is reflective of the number of multiple offers we have seen throughout the year.
YTD average days to sell is 48 days. Down 17.2% - or 10 days - over 2021.
YTD number of sales is 1,646. Trailing 10% behind this point in 2021's 1,838, by 192 sales.
This is statistically significant and a sign of things pulling back from 2021
2021 however, was a record sales year, selling 607 more units, 28.5%, than the 10 year average
Average sales per year the last 10 years for metro is 2,124
YTD 2022, we are 66% of the way through the year, and 77% of the way to average number of sales so trends show we are still headed for an above average sales year.

It is important to note: This sales data is from the end of August 2022, which means it is reflective of what happened 30-90 days before this point (May - Jul 2022) as that's how long it takes to close a home.

Since July 2022, when interest rates really started to take a climb, we noticed both a seasonal pull back - AND - interest-rate-related pull back. It will take 90-180 days to begin to see this reflected in the'lagging' data we use here. A July buyer could still have had a rate from April / May when rates were still comparably low.

Our experience in September:

Homes priced under $300,000 still seem to have SIGNIFICANT demand and we've experienced multiple offers on a number of properties we've sold this month.
Homes priced over $400,000 have been slower to move and didn't receive multiple offers, however, they are selling. Some listings we put up in August needed price adjustments in September in order to receive an offer.
We haven't had enough experience between $300,000 - $400,000 to comment, though this price point appears "busy" and still high demand.

Our Advice:

You may sell your house for a little less NOW than you would have in the spring, but historically it will still be selling higher than it did in the last 10 years.
It is still a great time to sell your home - Especially compared to pre-pandemic years of 2019, 2018.
Pay close attention to how your prospective buyers respond to your price once your house is listed and be ready to adjust the price if necessary to make the sale
Next year, if interest rates continue to rise, we will see a drop in average price and likely more 'stale' inventory (homes that don't sell) because of seller reluctance to adjust their house prices to where they need to be in order to meet buyer affordability requirements.
Be very cautious of the realtor you choose to list your home. If your realtor is overly optimistic about the market, they may not be fully engaged in the up-to-the-minute happenings of the market

Time frame is from Jan 2012 to Aug 2022

Property Type is 'Residential'

Property Sub-Type is 'Single-Family'