November 2022 Market Update
The Number of properties sold was up 12% over last month with inventory virtually the same. This has moved the meter back down into a balanced market. However, you can see that within the drastic momentum change since March there has been a few months where the momentum shifted but then continued back on trend. With another interest rate hike and many Buyers and Sellers on the sideline we feel that we will continue to stay between a balanced market and a Buyers market for the next several months especially if inventory stays low.
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.
