Happy Holidays! This is our last Market Update for the year. Our next update will be on Tuesday, January 3rd 2023. We hope everyone has a safe, happy and relaxing holiday season.
Buyer activity was surprisingly decent this past week. While there were only 11 new listings that came on the market, there were 23 homes that went under contract. Savvy Buyers will want to stay active during these next few weeks as some Sellers may be more motivated to negotiate. Buyers going under contract will be rewarded with lower interest rates. Despite the Fed raising rates again last week, interest rates continue to come down. The Mortgage Bankers Association commented that the declining mortgage rates should “encourage more homebuyers to return to the market in early 2023. Nationwide, mortgage applications rose last week by 3.2%. This is good news for Sellers nationwide.
The data for sold homes in December is pretty decent. While 50% sold below their last list price the average market time overall was really good. The average price per sq/ft for the 68 homes that have closed so far in December is $571 with average days on market of 30 and an overall sales price to original list price of 97.1%. Below is a pie chart showing the break down for these 68 homes. 50% sold below their last list price for an average of 94.2% of their original list price and had 38 days of market time. 26% sold at their last list price, but at 98.5% of their original list price with 26 days of market time. The last group, 24% sold above their last list price for an average of 101.7% of their original list price and had market time of 17 days.
As always if you have any questions, please feel free to reach out to either Steve or myself. See you next year!
-Steve & Sandra
𝐴𝑛𝑑 𝑎𝑠 𝑎𝑙𝑤𝑎𝑦𝑠, 𝑖𝑓 𝑦𝑜𝑢 ℎ𝑎𝑣𝑒 𝑎𝑛𝑦 𝑎𝑑𝑑𝑖𝑡𝑖𝑜𝑛𝑎𝑙 𝑟𝑒𝑎𝑙 𝑒𝑠𝑡𝑎𝑡𝑒 𝑞𝑢𝑒𝑠𝑡𝑖𝑜𝑛𝑠, 𝑓𝑒𝑒𝑙 𝑓𝑟𝑒𝑒 𝑡𝑜 𝑐𝑎𝑙𝑙/𝑡𝑒𝑥𝑡 𝑢𝑠 𝑎𝑛𝑦 𝑡𝑖𝑚𝑒! 𝑊𝑒’𝑟𝑒 𝑎𝑙𝑤𝑎𝑦𝑠 ℎ𝑒𝑟𝑒 𝑡𝑜 ℎ𝑒𝑙𝑝!
Steve 📲 (c) 206-769-9577 📧stevehill@windermere.com
Sandra 📲 (c) 206-271-7100 📧sbrenner@windermere.com
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Windermere Real Estate /FN
