Weekly Market Report 11/2/2022
October Market Report
October 2021 vs October 2022
these number are so fresh & will adjust some
Average Sold Price Up 2%
652 Less Homes Sold
Average Days On Market is 38, same as last year
(These are lagging numbers. When a home sells now the contract actually happened 30 - 60 days ago.)
The Current Situation - The rise in interest rates has finally made its effect on the market OR HAS IT. There a more homes available, less homes selling however the average sales price has held kind of strong. The increasing interest rates are intended to slow the markets down, I understand the Feds are raising rates today again with probably another hike in December coming. Other parts of the country are feeling it in a big big way. Greater Pittsburgh Area due to our more affordable homes is still managing. We are seeing price reductions happen, buyers are making offers contingent on selling their home and seller assist has increased dramatically. This is shifting it into a buyers market for some. I understand this could last 6-18 months.
Sellers - Now is not a good time to test higher prices. The old days of pricing really high and waiting for a buyer and haggling the price down is GONE. Multiple offers is the holy grail of more money and is still obtainable with the right pricing strategy. Homes that are floundering on the market are not priced correctly. The buyers in the market are super savvy and know an over priced home when they see it. Many buyers are turned off by homes that have been on the market for weeks let alone couple months, wondering what's wrong.
Buyers - You still have to be extremely aggressive in popular neighborhoods, a pre-approval is a must and you must come in with a strong offer right off the get go. The over asking price offers is not happening very often. Home inspections are common still in many cases and interest rates are probably going up again in November & December which will effect your loan approval for a mortgage.
Market Indicator - In the last 7 days we have had 707 new homes enter the market compared to 636 last month same time frame. Also, compare in the last 7 days, there have been 805 homes go under contract. This is 25% less homes going pending same time frame last year. If you are contemplating selling your home, call me to discuss what is happening in your neighborhood.
