We Are Still Upside Down….
This time last year, I wrote about how unprecedented an upside down market is. To refresh your memory, that is when we sell more homes in a month than we have listed on the first day of the month. I had never seen an upside down market until January of 2021 and was surprised when it went on for 5 months. Now it has been 17 months.
Of course, with the increase in interest rates over the last month, many will wonder when will the market return to right side up, again. I think we are surely headed in that direction. Even if we still are selling more homes than the number listed on the first day of the month, showings have decreased. We have dropped from an average of 67 showings per listing in the first weekend a month ago to 13 now. I remember many times over the last 40 years when I would have been thrilled to have 13 showings the first weekend but that is a significant drop from a month ago and is unsettling. We will see if this is reflected in next month’s numbers. Stay tuned.
If you are wondering how these changes might impact your odds of buying or selling, let’s get in touch.