Download the Land Title Statistics for November 2022

Prices remain relatively strong but activity continues to decline. Year to date November 2022 has dollar volume 26% less than 2021 and number of transactions are down 30% year over year. See Land Title statistics for more information. December shows a 40% decrease, year over year, in sales volume and number of transactions, with the median sales price down 12% from last year. [see screenshot below pulled from Summit MLS data.] We have pulled all 2022 data and will be compiling that for a year end report which we will provide in February.

In the trenches, I personally am still seeing a gap between Seller’s price expectations and Buyer’s bids. I have made a number of lower offers for buyer clients that have not been accepted, but the properties still remain on the market.

So where’s the opportunity?

For Sellers, having your home clean, decluttered and staged is the first step. Then, price accurately! Not a price that would sell eight months ago, but a price that is competitive today! This means pricing UNDER the market. I know that’s a hard pill to swallow, but that is how your property will be the next to sell.

Buyers – you aren’t in the driver’s seat yet. Have your cash and financing ready. Places that are priced just under market still have multiple offers, so if you see something you like, you don’t necessarily have a lot of time to act. Properties that are sitting on the market likely have some issue with them (not necessarily bad, just not a property with “everything”) or are overpriced. There may be opportunity if you are willing to sacrifice a desire and you can pick up a nice property without the competition.

In summary, I tell people that real estate is a slow moving turtle. Unlike the stock market which reacts in real time, real estate takes months, and even years to see the effects of trends such as regulations, interest rate changes, etc. With interest rates and Summit County STR regulations happening in April/May 2022, we are just now seeing the market slowdown and price softness in our statistics even though we felt them in the day to day marketplace.

For a macro look at the national real estate market, here is the Chief Economist of NAR, Lawrence Yun’s, slide deck for a 2022 recap. Mortgage rates are predicted to stay above 5% with little or no appreciation in 2023 nationally.

There aren’t big concerns over foreclosures as conditions are very different in this economy compared to 2008.

Also check out which cities are the hottest places predicted to grow!