Latest news in Canyon Creek Home Sales in September 2022
What you need to know……
How it impacts you……..
The headlines are showing alarming inventory levels but remember we have been looking at weeks and sometimes days of inventory and now are looking at months. In Canyon Creek we are experiencing 5 months of inventory based on September sales (not on Third Quarter Sales which I will be posting soon). That is slightly lower than 6 months which is considered a balanced market.
September sales are typically homes going under contract in August, which is a slow month with school starting in the middle of the month and everyone taking last minute vacation to escape our unusual heat wave. September 2022 homes sales and pending sales decreased year-over-year for the 6th consecutive month.
Prices are not going to continue to escalate like they have the last 2 years. The market is re- balancing, but we are still in a robust housing market. Home buyers are frustrated by higher interest rates, home prices, inflation, and economic uncertainty. Mortgage applications have fallen since last year at this time. Pending sales are a good indicator of future sales. We can expect to see fewer closed sales in fourth quarter.
TEN homes out of 1,300+ homes
Navigating the market is evolving on a weekly basis. Sellers’s the more you do to prepare your home for market the stronger your position will be to attract an offer. You are facing increased competition so stand out from the crowd! Nothing like fresh paint, stellar curb appeal and spectacular photos to catch the eye of the buyer. Remember the eye buys!
Seller’s pricing a home correctly is key! The “right” price brings buyers and fewer days on market. The number of price reductions is up considerably so don’t fall in that trap and over price!
We serve our clients by arming them with strong market knowledge and seasoned experience. Want to know what a buyer would pay for your home? We stay on top of the data to make sure we are at the forefront of the market to best serve our sellers and buyers! Call us for a conversation on how the balancing in our market might impact your plans. Let’s see how we can help YOU!