Wow, way more properties sold last year in the first 9 months than this year in the first 9 months. In fact, as of the end of September, we had only 220 houses and condos close escrow. Last year by the end of September, 342 properties had sold. Properties in 2021 sold within days of listing, many over the asking price.
Our market has definitely changed in 2022. Not only do we have fewer buyers, but inventory has decreased. 30 year fixed rate mortgage interest rates have increased to over 6%. At the beginning of 2022 rates were close to 3%. Many buyer’s are on the fence waiting for the economy to improve. Inflation is the highest it’s been in 40 years. Hang on to your hats. We are not out of the woods yet.