October 2022 Market Update
This month’s momentum meter shows a surprising touch into a buyers market. While one month does not constitute a trend, we are eager to see market activity pick back up for the remainder of 2022. Sales were way down, interest rates held back many buyers from entering the market, and the change from Summer vacation to Fall and school could have been a factor in this slow down. As interest rates continue to increase into 2023 we feel that the market will continue to trend in a balanced position overall.
Seller’s market = four months of inventory or less
Balanced market = four to six months of inventory
Buyer’s market = six months or more of inventory
If 100 active listings are available in a month, and 20 homes sold in the that
same month, then there is approximately 5 months of inventory.
