I am here with yet again another market report for the month of January 2023. As with every other month, we'll be looking over the month's stats, so let's get started!

The first and most significant change is that the countywide median sales price has dropped to $750,000, a $10,000K decline from last month and a 6.25% fall from the $800,000 we had at this time last year.

Days on Market have increased to 40 from 18 this time last year, while active listings have increased marginally to 968 from 913.

The overall months' supply- which measures how long it would take to sell every home on the market if we stopped listing new homes- is now 1.7 as opposed to just 1.2 at this point last year.

It's still a strong seller's market- just not as crazy as it was at this time last year, when we were breaking all the records. 

What does this all mean?

Well- we can't really make sense of any of this without talking about interest rates...

For instance, interest rates were approximately 3% when the median sales price was around $860,00, so if you put 20% down, monthly payments would be hovering around $4,000.

NOW

That same home is valued around $750,000- but, the interest rate is 6%. That makes their monthly payment for the same exact house (even at the lower price)- $5,000 a month which is 25% increase.

Even though the monthly payment that buyers must now pay has significantly increased, those homes are still selling, indicating that demand is still extremely high.

From the standpoint of the market as a whole, prices are still rising, BUT they are rising on interest payments rather than the actual price of the home.

Despite this...

Buyers in this market opportunities are everywhere for you! You have the ability to: 

• Negotiate certain conditions like repairs 
• Gain more time to truly understand a property’s condition 
• No need to remove your standard protections (like the previous hot market) 
• Get seller credits to buy down your interest rate
• Get closing costs credits from motivated sellers so that you keep your hard earned money in your pocket 

Overall getting clear on your AFFORDABILITY (monthly mortgage costs + funds needed to purchase) will give you an idea if NOW is the time to stop with the renting and graduate to owning your very own property! If you’re wondering  I am ready to help connect you with the right professionals to bring you clarity. 

Sellers in this market  demand is back. RIGHT HERE. RIGHT NOW. Why? inventory is still statistically very, very low. 

Low inventory + strategic pricing = TOP DOLLAR for YOU

Timing is so important BUT the right real estate team on your side is EVERYTHING.

Buyer or Seller I am committed to get you to your real estate goals. Send me a message and let me help you get you answers to your questions. 😃