These are the five stats you need to know about how 2022 ended.
Today I am excited to present another market update, as numbers have changed once again! I will be sharing the last numbers from 2022, which are always important to pay attention to because they show where the previous year was and where the coming year is headed.
First, supply is up 44.6% year over year. As of December 10, 2022, there were 2,674 listings on the market, in comparison to 3,867 that were on the market on December 10, 2021. Supply is up, but demand is down—the number of sold houses went down 4.9%, to 14,863 listings. However, one key thing to note is in November, the number of houses sold went down 18.5%, which is much bigger than the December number. Still, a lot of houses are selling, so we don’t need to panic.
“Supply is up but demand is down.”
Another two stats that are important to pay attention to are median price and average price. Throughout 2022, the median price went up 16.6%. The median home price in our area is $308,990. In comparison, the average price takes into account some of the homes that sell at a much higher price, and that number is up 12.9%. Still, I think the median price is a better representation, and if you have questions on why, let me know.
The last stat I am going to present to you is the average number of days on market. Throughout 2021, the number was 30 days. Then came 2022, and we all know the first six months of the year were blazing hot. Now, the average is 25 days. This is down 16.7%, but the days are continuing to rise. I predict that in 2023, we will be back to 50 or 60 days on market, which is what we saw for years before the pandemic hit in 2020.
These numbers all show that it is still a great market, so get out there. If my team and I can help you with that in any way or if you have any questions, don’t hesitate to call or email. We would love to help!