Market Update - December 2022
Market Action Index - December 2022
If you keep up with the Real Estate market, you know it has been slowly hitting the brakes for many months now. The holiday season is traditionally a slower time of year for most realtors for obvious reasons. Family comes first and there’s a lot going on. YOU have a lot going on and everyone is ready to shift into a lower gear as we head into 2023. I get it! That being said, there’s some really incredible opportunities to buy right now with sellers who missed the ‘Top’ and are feeling anxious to sell ASAP. Even though it may not seem like good time to buy OR sell, all it means is that this is the healthiest market we’ve seen in years.
“In fact the market has slowed down so much, only 30% of Realtors in San Diego closed an escrow in November. Fortunately, I happen to be one of those Realtors because of a wonderful referral from a past client. The reason? My clients are like family.”
Market Profile - December 2022
Median home prices are up, which is the result of more higher value properties on the market than price increases across the board. Mortgage rates are down almost a point since the begining of November, today 6.28% average for a 30-year fixed.
Did you know that 60% of properties on the market in November had 3 offers or less? This percentage has doubled since April 2022, when it was less than 30%. For buyers that have been constantly outbid, this is great news. If you’re a seller, keep in mind that just because there might be less offers in total that does not mean they’re not good. Homes are still being sold everyday!
Going back to April 2022 again - JUST 6% of listings reduced their price. Last month in November 2022 it was 43%... did I mention opportunity for buyers?! The fact is that sellers have taken some time to adjust to this market. Those of us in the business every day know that we’ve hit the ‘Top’ in terms of value (at least for this cycle) and it’s in the rear-view mirror now. This still doesn’t mean it’s a bad idea to sell in this market! Tons of qualified buyers are still out there and as I mentioned in last month’s market update, you’re still likely to do quite well as a seller if you bought in 2019 or earlier.
Mortgage Interest Rate Volitility - December 2022
In fact, the market has slowed down so much only 30% of Realtors in San Diego closed an escrow in November. Fortunately, I happen to be one of those Realtors because of a wonderful referral from a past client. The reason? My clients are like family. As always, if you know someone looking to buy or sell their home I would love to connect with them and would be eternally grateful for the faith you have in me.
I hope you and your family have a wonderful holiday season. Merry Christmas and Happy New Year from my family to yours. Cheers to the best year yet in 2023!
Brendan