Real Estate Market Update for October 2022 – Here’s what’s happened!
Sales slightly up and new listings are down!
New listings went down by 3.8% and active inventory also dropped by 2.8%. What we are seeing and hearing right now is super interesting, it’s a shift in the mindset. Sellers are seeing the prices drop the past few months and they’re saying that if we don’t get the price that we want now, we’ll just wait till next year and see how the market is then.
That’s resulting in fewer new listings coming to the market and everyone knows from the past year that, if new inventory isn’t coming to the market, there are less homes to choose from and eventually that can drive prices back up.
Sales have been consistent the past few months with October seeing a slight uptick of 0.4% from September.
And ultimately this affects the prices. Prices for detached homes are on par with October 2021, wow! Townhomes are still up 7.7% and apartments are up 11.5% over 2021. This is a huge opportunity for people that are looking to upsize! You can sell your condo or townhome with a sizeable profit and use that to upgrade into what you want next.
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