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Highlights below | October 2022
Monthly Sales:
The big takeaway here is sales are down about 30% year over year.
New inventory:
New listings have slowed at a record place (already trending into December's number of listings taken- traditionally our slowest month) this is a good thing for sellers - more listings would lead to further price declines.
The bigger story is that new listings are up about 93% year over year.
Monthly median sales price:
We are seeing about an 8-10% price reduction in sales price over the last few weeks from the "peak"
Active listings:
21,219 as of this morning, keep in mind at our market "peak" there were about 4000 active listings.
Listings Under contract:
This is an interesting one because we are seeing a big drop in homes under contract vs last 3 years.
Contract ratio:
This ratio is a rough measure of a market's "overall health."
For every 100 homes that are "active listings" divided by the number of homes that are pending or under contract and moving towards COE.
At our market "peak" we had about 258 homes pending for every 100 for sale. Now we have around 32 homes pending for every 100 for sale.
The good news is we are still up on appreciation year over year...
