The steady slowdown continues, with monthly transactions again declining and well below prior years, with October down -40% vs. October ’21.
Looking at market activity on the listing front, you can see the huge spike in new listings that occurred back in June. At the same time the market was slowing, and could not absorb all the new inventory, and the number of active listings therefore skyrocketed as well.
As a result, the amount new inventory currently on the market has increased. I break things out into price ranges so that you can see where there is a lot of inventory, and where there is still very little.
As you can see, in the price ranges below 2.5M, the market is fairly balanced or leans towards a seller’s market, though not as pronounced as it was in 2021 and earlier in 2022. But in the higher price points, over 2.5M, there is a lot of inventory piling up (and many more private listings not reflected in these numbers).
What does that mean for the luxury home buyer?
There are more choices out there, and fewer buyers chasing them. That suggests there may be more flexibility from sellers on terms.
What does that mean for the luxury home seller?
There is a lot of competition. It is absolutely critical that your house stand out in order to entice buyers. Homes need to be in tip-top condition. I never recommend trying to guess a buyer’s tastes and remodel your house based on assumptions of what will appeal. The best approach is to shift to neutral colors and make sure that the house feels well-cared for.
Trying to make sense of the market? Let me help!
- Set up a search with Moreland’s Home Search Powered by RealScout and see all active MLS listings, plus Moreland private listings, in one place.
- Contact me for more information and market analysis, and how to best go about buying or selling a home (or both) in this market!