* The median price ended the year at $485,000. A 5.2% decrease from the year before.
* 13,490 homes sold in 2022 That is 22.4% lower than the 17,389 sold in 2021.
* What an interesting year it was in Real Estate!!! 2022 started off hot, favoring sellers and prices skyrocketing. BUT by the end of the year it was a different story as interest rates shot up to 7%, many buyers backed off and the market slowed down.
* Less sales and less competition resulted in prices lowering a bit in the second half of the year. Looking forward, the market in 2023 is going to really depend on mortgage rates. if they can stay close to 6% or even lower than we should expect an average year with prices stabilizing and the market finding some normalcy. If rates shoot up again above 7% then all bets are off.
* Regardless, houses are selling. Yes, buyers are being more picky and negotiating more but if you follow the right formula you will have success. The homes that are priced right, show well and have great marketing are getting sold! The others are sitting with multiple price drops to try and attract buyers.
* If you’re a buyer, this is what you have been waiting for: less competition, a bit of negotiating power, more homes to choose from and you actually get more than a few hours to make a decision. Take advantage of rate buy down options for your mortgage to get a lower interest rate and save money on your monthly payment.
* If you’re a seller, it’s not all doom and gloom. Buyers are still out there and if you go about it the right way, you can have a successful sale.
* As always, if you or anyone you know is confused about the market or has any questions, i’m here to help. Been helping buyers and sellers for 17 years, and I love it!