Friday Update 10/28/22
Man this building a house thing is seriously kicking my ass. Down to the final stretch and hoping to close this week. Keep me in your thoughts as none of this shit is really all that easy. Hence the delay in writing this.
We've got 1,671 single family existing homes on the market today.
Month to date we have 914 closings for a median sold price of $465,000. That comes with a declining sold to original list price ratio of 96.85%.
Same time frame last year we had 1,620 closings at a median price of $440,000. Pretty significant slow down in volume is obvious.
Rates continue to suck although a little bit of relief came to bonds last week. The British got a new PM, the yields on British bonds dove into the mid 3s and the yields on American T notes settled around 4% on the 10 year. Interest rates on mortgages eased ever so slightly.
Also we got GDP numbers that surprised to the upside which kind of calmed the stock and bond market. I was kind of surprised to see over 2% growth in Q3 but hey I'm just a dumb dumb Realtor, not an economist.
We had close to 600 price reductions in the last 7 days which continues the trend of a much softer real estate market here locally.
Where as last year pretty much every house had multiple offers with people paying over list price and offering appraisal gaps today we have a much more buyer friendly market.
Our agents are writing and winning offers significantly below list price and getting 5 figure concessions out of sellers. This is not every time on every house but its a development that is 180 degree different from just 6 months ago for sure.
While it may not be the best time in human history to buy a house it for sure feels like a better time to buy a house than a year ago. The momentum is certainly more in the buyers' favor today than it has been for the last 2 and a half years at least.
Let's see how these mid terms shake out. Should be interesting to see how the market reacts to the never ending circus that is our government.