The Neighborhood Connection: October 2022

Welcome to OCTOBER

This is one of our favorite times of the year...Summer drew to a close and the kids went back to school, changing leaves welcomed fall, and now we’re back in our cuddly fall wardrobes with excitement building for the holidays.

With the changing leaves came a similarly shifting real estate market, causing a lot of buyers and sellers to feel uncertain. Our fall market historically operates at a much slower, relaxed pace than our frenetic spring market, but this year’s statistics suggest that this year will be slower than years past, with growing inventory in almost every market, fewer homes in escrow, and moderated pricing.

To put it simply, we are experiencing a measurable adjustment in the macro and micro real estate economies, which is a remarkable shift from years’ past.

Pending escrows are currently down over 22% year-over-year. Concurrently, there has been an over 122% surge in the number of homes for sale. But, keeping things in context, this is STILL a sellers market with <2 months of inventory on average market-wide.

For those who have been following the news, mortgage rates play a significant part in tempering demand and will continue to play a starring role through the balance of 2022. As rates rise, affordability erodes, and SOME buyers will rethink their plans. Yet, if the past several years have taught us anything, it’s that there are simply not enough homes to go around. So, even with less demand, home buyers who have not yet realized success in the market will support a persistently hot seller’s market—albeit with a bit less fervor than before.

Our team remains steadfast in our commitment to delivering top dollar for our clients’ homes and a white glove experience regardless of market conditions. No matter what your unique situation entails, please reach out anytime for a confidential conversation about your real estate goals and needs.

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