You can read the full report here, but here are my thoughts:Lots of folks think of markets in terms of "good" or "bad" but in reality it's more useful to think of them as cycles. Real Estate is typically a very long term game, so it's critical to know what's going on in the cycle to help you make a good decision.
When you have a 2 year run like we had with prices rising dramatically, it's a natural progression to have a period of slowdown.
This allows different groups of people to get involved that otherwise might not have. First time buyers and anyone with a VA or FHA loan really struggled to compete this last 2 years and they now have an opportunity.
As you can see, the monthly total transaction count dropped pretty significantly from over 11,000 to 7,634,
but that being said...nearly 8,000 properties still changed hands last month.
The BIG difference, is that you can see we went from 11,656 sales with 21,759 Active listings in Dec 2021 to 7,634 sales with 33,776 active listings.
This means the ratio of closed sales to active listings has moved from over 50% to less than 25%.
This means...if you need to sell a house for any reason...you need to very closely study what the market and your potential competitors are doing.
Your agent needs to set up your listing to both amplify your features, and also communicate the market feedback to you, from buyers showings, to web traffic stats, and what that means about your path to sale.
I hope you have a safe and productive weekend and I look forward to talking to you next week.
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