The burning question lately is what are the current Market trends?
Everybody has appeared to put their foot on the breaks after seeing a substantial increase in mortgage rates compared to the past couple of years. Ultra Low mortgage rates have been trending for quite a duration of time and consumers have become (for the lack of better words) blessed compared to historical trends.
Below are some numbers reflecting data from the past ten years and a flow chart to put the current rates into perspective. According to the graph below (sourced from https://themortgagereports.com) we are still well below the average rate shown to be %7.76. The dramatic hike in such a short period of time in my opinion is what brought some shock to our current home owners and home owners “to be”.
Looking at statistics from November based on the previous year (sourced from Clark County Association of Realtors Website ccrelators.com) there has been a huge shift of home owners listing their houses compared to a mere year ago (-33.3%) with 11% of that number decreasing within 30 days.
People out purchasing homes from October to November of 2022 alone, took a big step back showing a huge decline of almost half (-43.2%) sold and closed from the previous month. Within the last year the amount of pending homes (sold) has gone down 20%.
The fact that the inventory has also increased by 2.4 months within just a month tells me we are seeing a “sellers market” turning into a buyers market at a rapid rate. In laymen’s terms I am seeing more homes on the market for buyers to choose from and sellers homes are taking a lot longer to sell with less offers and over asking negotiations.
With all this being said it is so important to find the right match for a lender and real-estate agent to help you make educated decisions for your future real estate related “moves”.
Pamela McAnally-Fox
Realty One
November Residential Highlights
New listings (494) decreased 33.3% from the 741 listed in November 2021, and decreased 22.3% from the 636 listed in October, 2022.
Closed sales (460) decreased 43.2% from the 810 closings in October 2022, and decreased 14.2% from the 536 closings in October 2022.
Inventory and Total Market Time
Inventory increased to 2.4 months in November. Total market time increased to 46 days.
Year-to-Date Summary
Comparing the first eleven months of 2022 to the same period in 2021, new listings (9,636) decreased 12%, pending sales (7,241) decreased 25.2%, and closed sales (7,562) decreased 20%.