Market Update: July 2022
Posted by VIBE Realty on Thursday, August 4th, 2022 at 4:33pm.
Whether you love market data or you really don't care for it, there's no denying that it is at least valuable as you approach making one of the biggest financial decisions of your life. If you love it, that's great because you're one of us! For the group that leans towards the latter, don't worry - we've got your back. Our eyes are glued to these numbers stronger than a 90's kid in front of the TV during morning cartoons.
This is particularly important in today's market, as we're starting to see some big swings in a different direction than we've had all year. Months long trends reversing, yearly highs, etc...Is this a temporary shift? Is this the new norm? Let's dig into the numbers and see if we can't find out.
Let's start with the elephant in the room and jump right into price points. Last month the average and median price points were the highest we've ever seen, reaching over $447k. Well, intermittent fasting must be working for our beloved elephant, because they've slimmed down by over $12k in just one short month. The Average Sale Price for July was back down to $435k, and the Median adjusted right with it, lowering back down to the same as May at $375k.
So how long is it taking for homes to sell? Well, that's a bit unique to the home itself and how demanding of a category its in, but on average, Days on Market went up by its largest increase of the year (3 days) and is now at 11. For reference, during the majority of the aggressive markets during the pandemic, we saw this number hover around one week. However, it is quite normal (historically) for this number to climb during the summer.
Finally, let's touch on inventory levels. Months Supply has been climbing since roughly the last time we've had more than an inch of rain, and is now the highest we've seen in a long time at 1.7 months. New Listings went sharply down by over 1,000 after six months up uptick, landing at 6,513. The Total Inventory is at six months of growth (interestingly up by about 1,000 every month) and now sits at 8,407. And for the finale, Total Units Sold came in at just 5,000 homes and was down by over 1,000 from last month.
So if you haven't picked up on it yet, trying to predict the RE market is about as challenging as trying to decide whether you should water your lawn right now. Do I try to predict the exactly how long I let the sprinkler run (wait for the perfect time to move) for that luscious green look? Or do I embrace the desert theme and use the time I would have spent mowing making another margarita (move when it's right for me)? Historically, these numbers are not so crazy (outside of pandemic year). So when is the right time to buy/sell? When it's right for YOU! When that time hits, be sure to link up with an agent here at VIBE to help you out. You'll be glad you did.