Real Estate News

Weekly Market Snapshot: April 22- May 3, 2022

This market calls for weekly updates.

April 29 - May 5 Stats:

Average Sold Price: $1,014,333

Average %Difference List Price vs Sale Price: 99%

Average Days on Market: 21


Apr 22-28 Stats:

Average Sold Price: $970,805

Average %Difference List Price vs Sale Price: 101%

Average Days on Market: 16


Apr 15-21 Stats:

Average Sold Price: $1,321,256 ($1.136M, with skewing $4.2M sale removed)

Average %Difference List Price vs Sale Price: 107%

Average Days on Market: 24 (12, with skewing 211 day sale removed)


This is what a shifted market looks like!  Market characteristics have changed as supply and demand changes.

New Listings are way up and Sales are down.  The flood of inventory and increase in interest rates in April, has caused buyers to pause, observe and assess the market.  Uncertainty is delaying peoples decisions.  Buyers may be waiting to see where prices go.

Weekly average prices are all over the place because sample sizes are shrinking.

Sales strategies have shifted now.  Holding offers, Offer Nights and bidding wars with multiple offers is not the standard strategy anymore, and when attempted, sometimes fail.  Much more common now we are seeing properties listed around "market value" and sellers "accepting offers any time".

It is still a good time to sell.  Prices are are near their highest level ever, demand is ok, but active listings are climbing.  The nicest and best priced homes will sell the fastest. If you know anyone considering selling, have them contact me to discuss this opportunity.

If you’re buying, tides have turned! Buyers have options and a bit of time! Negotiate hard and stick to your goals!  There are some "deals" to be had.

Please let me know if I can help in anyway, I’m here to serve.

Be well everyone.

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Brian Lafazanos
Brian Lafazanos
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