Our local market continues to adjust. As inflation woes continue to escalate, the federal government will continue to push interest rates higher in an attempt to slow down the ongoing threat. Mortgage rates have now exceeded 7%, while threats to even higher rates loom. We are also seeing inventory of our local residential properties slowing climbing, as fewer buyers are remaining active. We have seen a drop in sales activity from last year, where in the first ten months, 706 residential properties sold, while this year only 566 sold. That’s nearly a 20% drop in total residential properties. While total sales transactions are falling, the median sales prices are rising, again due to limited inventory for those still active in the market. The average days on the market, for those properties priced realistically, thus far this year is only 43 days. If you are thinking of selling, my advice don’t hesitate. The market continues to remain active due to increase demand, so I don’t see any drastic change in the near future. If you are thinking of selling, don’t hesitate. Good luck whether you’re a buyer or seller!
