January Market Report

There were a lot of homes listed this month compared to Dec (77% increase). The majority of that increase is actually condos and townhomes. Homes overall are sitting longer on the market, theres fewer sales, and fewer buyers. The market has absolutely slowed down. This time last year we had 157 homes active on the market. Today we have 260. Of those 260 though, only 133 are detached homes. This is only an increase of 3 homes compared to January 2022. The condo and townhome inventory jumped from 14 to 77!

Unfortunately, buyers still feel like they can’t find the home they want. Partially because there’s more new construction homes making up the added inventory, and those neighborhoods are just not for everyone…partially just their location. Another part is there just simply aren’t a lot of nice homes available that don’t either need maintenance work, or need updating. Also, the majority of shoppers are looking for detached homes, which as I explained above, has not really increased.

Interest rates and uncertainty about the economy are the culprits for a slowed housing market. However, I still do not believe there has been a real drop in values here in our market. There’s likely some examples where a case could be argued against that, though in general, I don’t see it.

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