Real Estate Market Update: Active Listings Up!

Real Estate Broker/Owner with eXp Realty LLC NM Broker License 16161

Lawrence Yun, chief economist, National Association of Realtors spoke to the Santa Fe Association of Realtors on December 1, 2022 about the national market.. The Active Listing Count update was a feature of his presentation. In October 2022, there were 753,845 active listings with a year over year (Y/Y) increase by 33.5%. Compare this to what happened with the jump of the October 2022 30 year fixed mortgage rate to 7%. 

Lawrence Yun NAR Presentation Santa Fe

Inventory is still substantially LOW compared to October in 2017, 2018 and 2019 when it ranged between 1.2mn to 1.3mn. What does this mean for Buyer and Seller mindset? Clearly a shift in buying and selling behavior is happening now as each side is facing an ongoing housing correction. 

The Federal Reserve's current monetary policy to tame inflation has spiked the 30 year fixed mortgage rates from under 3% in January 2022 to over 7% in October 2022. In fact, Fed Chair Powell speaking at the Brookings Institute on November 30th finally used the word "housing bubble" to explain what happened during the pandemic and the run up of home prices. At the time, we called this a HOT market!

It appears the accelerated spike on mortgage rates is beginning to shift home prices downward. At the same time, longer days on market do allow inventory to grow.  What is unknown is how long a Buyer pause behavior and Seller price offerings continue. And of course, I have no clue along with many others as to what happens next. I do know how it unfolds will vary on your local market. Stay tuned here for more about the housing market shift in Santa Fe, NM.

Let's face it, people are on the move. And when you need to move, you will buy or sell or rent a home. If you are looking for a new place to call home, you can search for homes and find valuable real estate information, facts and news there. Let's connect soon. The next move is yours. Call or text Emily Medvec at 505-660-4541 and get started. Emily knows real estate and Santa Fe.

Thank you for reading and/or commenting on this blog post.  Created by Emily Medvec. Image provided by Shutterstock and graph by Lawrence Yun, National Association of Realtors

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Our Santa Fe real estate market is a local one. Search All Santa Fe Listings Here and get results in both an easy list or map search. If you want to see a SOLD sign on your property or you want to make a lifestyle change by moving here, call me at 505-660-4541 to schedule a real estate consultation. No one has time or money to waste in this new landscape of real estate online. I am available to help you and make a positive difference in your real estate experience. Remember dreams are made a reality only when you act on them. Emily Medvec

Today, I represent Sellers and Buyers in all price ranges in Santa Fe and throughout northern New Mexico. My focus is to use my experience, vision and strategies to find you opportunities and solutions. My goal is always to save you time and money whether you are selling or buying any type of Santa Fe real estate, including homes, land, town homes, condominiums, ranches and commercial property. Here are recent reviews from my past clients about my know-how and service. Until you are ready to Buy or Sell, let's connect and learn more about each other on Facebook or Twitter

Emily Medvec Copyright  All Rights Reserved 2007-2023

Comments (7)

Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

I am glad to see that you are back up and running!  Have a great day!

Dec 06, 2022 06:33 AM
Emily Medvec

Yup back and wiser! Brian England thank you for your help too.

Dec 06, 2022 07:35 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Emily, our inventory is 3x the size it was in March, giving the buyers more to choose from!  

Dec 06, 2022 06:35 AM
Emily Medvec

Joan Cox our increase is trending same BUT appear to be due to homes on  market longer as well.

Dec 06, 2022 07:35 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Hi Emily... we also are seeing active listings up. but new listings down month after month. Fewer closed sales are keeping inventory up, but if rates drop I can see more inventory shortages in future.

Dec 06, 2022 06:46 AM
Emily Medvec

Agree, I think same here but I have to dig into numbers. Homes etc on market longer which adds to inventory total. Thank you Nina Hollander, Broker 

Dec 06, 2022 07:34 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Emily, thank you for sharing this information with us here in the Rain.  Make it a great day!

Dec 06, 2022 09:04 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Buyers and sellers are sure to value your real estate market report, Emily.

Dec 07, 2022 01:51 PM
Patricia Feager, MBA, CRS, GRI,MRP
Selling Homes Changing Lives

Emily Medvec - now is the time to watch the market closely to be prepared for next year and of course, what's next?

Buyers and Sellers would be wise to choose you over other agents. Buying and selling residential properties is serious business and not for amateurs. 

Dec 08, 2022 07:53 AM
Roy Kelley
Retired - Gaithersburg, MD

This is a good report to share.

Have a very productive December.

Dec 13, 2022 06:21 AM