Are you a numbers person? I love stats and 2022 did not disappoint with serving up a lot to watch!
Quarter 1 homes were selling in an average of hours, selling for 105+% list to sale price ratio and buyers were waiving contingencies like appraisals and inspections. Yes, this was a seller's DREAM!
Quarter 2 we see the same as Q1 until the Fed... the Fed decided it was enough, and they started raising interest rates. By end of May through June we start to see the multiple offers drop from 7-10 per property to 2-4 offers per property.
Quarter 3 I wouldn't say the market came to a screeching halt, but pretty close, as some buyers grabbed up their last effort to purchase a home before they were priced out of the market. Unfortunately, by Quarter 3, it was too late for some buyers and they were priced out, made to take a seat on the side lines while they regroup and see what plan of action they have to make a move in the near future.
Quarter 4 we see the multiple offers nearly disappear and homes beginning to sit on market a little longer. From that 1-2 days in Quarter 1 to 15-21 days on market by Quarter 4. Buyers were finally, and I mean they were screaming FINALLY, able to negotiate a little. With being the only offer on the table were negotiating price, completing inspections and asking the seller to make a few latent defect repairs and having appraisals mean something again to the purchase process.
What didn't really change, INVENTORY. Inventory did creep up a bit, but not enough to throw the market a 180 and become a buyer's market. Still holding onto record lows with inventory, sellers are still in the driver's seat.
Here is a snapshot of the Cincinnati Single Family home Real Estate market.
Text me if you would like to see the full report or a more detailed report of your neighborhood. 513-479-2411
I can't wait to see what 2023 holds for us!