Published: January 18, 2023
Was December down because of the Holiday Hub Bub? Was December down because of the lack of inventory? Or was December down because of the interest rate rise? You pick or take a combination of them all!
But December of 2022 was definitely down and not just in Wicomico but that’s where these stats just happen to be from. If anyone wants stats for another County, pls just text me at 410-251-2400 and let me know what County you need or are curious about. Happy to do it and it won’t take long to do!
We aren’t just down from November, we are significantly down across the board from December of 2021!!
New Listing were down 39.6% from November and down 31.8% from December of 2021!! That is huge!!!
But because the inventory is low… pendings were just down 9.5% from November as compared to down 35% from the year before…. what does that tell us…. Buyers are still out there!!! Don’t wait to list folks!! Now is still a good time!!
The closed sales numbers reflect the same as the pendings…. 8.4% down from November but 41.1% down from December of ’21.
But, one thing I have noticed the last quarter of the year, was that higher priced homes weren’t selling….. and our median sale price reflects that….. Our median sale price for December of 2022 is only $208,000….. down 11.5% from November and 5.5 % from the year before!
But that doesn’t mean that you shouldn’t put those on the market if you want or have to sell….. If a buyer is out there…. you want them to know you are available! Longer list times will be more common now and not necessarily an indicator of the home being overpriced. It may just take a little longer to find that right buyer!
We will start to see a change if the interest rates do what they say they are going to do and that is lower…. Then we will start to see the higher ( over $400,000 ) homes move again… but very little of those sold in the 4th quarter of last year… a couple of waterfront, etc., but that was all.
This is not a doom and gloom, because those of you that know me, know I am not about that!! LOL We work thru the difficult times just like the “easy” times…. There is a buyer for every home even in the challenging markets! So take these facts and work with them is my motto!! We know our issues and we solve them!! 🙂
Hope everyone has a wonderful day!