Our sales price has slid a bunch since our April 2021 high of $1,354,000. Currently our sold price sits at $1,080,000 which is down -10.4% month over month and -4.5% year over year. This represents a negative -20% drop in pricing since April 2021. Next year will be interesting as the Federal Reserve in their meetings on December 14th and 15th announced they would double their tapering and gave indication they would be raising interest rates as much as three times next year. This bodes well for buyers as the saying goes… Higher interest rates create lower home prices. Sellers on the fence wishing to sell high may have already missed their opportunity and perhaps should seek a consult on market timing. As we indicated in the beginning of this article we expect a strong spring followed by lower pricing in summer and fall.
Our Days on Market (DOM), shortened a bit to 53 days. this means a seller could expect their home to be listed and sold on average 53 days. There is one other significant stat I wish point out. If you look at our list to sold price you can see we are +3.2% month over month. This means a buyer should expect to offer on average 3.2% more for a home.