The real estate stats for December 2022 showed a drastic decrease in the number of closed sales and new listings on the market in comparison to December of 2021. Check out the stats below. It feels dramatic…but change is coming!
This is what we’re seeing as a team:
🧐 Due to the increase in interest rates last year, the overall number of buyers decreased which made the market a little less competitive for buyers during the last quarter of 2022, however...
🧐 Depending on the location and condition of the home, many of our sellers are still receiving multiple offers! Condition is a critical element in selling your home.
🧐 We have been meeting with sellers (some since last September and October) to put a plan in place for listing their homes this spring.
And it's been A LOT of sellers. Which is a good thing!
If the home shows well and it's priced correctly, it will sell relatively quickly. Here’s the perfect example: our listing on 1514 Sandbar Willow in Odenton. We had this home in the “Coming Soon” status in Bright MLS. When the buyers saw the gorgeous photos online, they submitted an offer without ever seeing the home in person. I mean...can we just talk about the impact of staging and pro photography!!!
2023 is going to be an interesting year. We expect inventory to be too low to meet buyer demand. We're also feeling an early spring market!
Some quick stats that matter:
Average “days on market” for Howard County in 2022: 18 days
Average “days on market” for our Team: 4 days!!!
We’ve beat the average days on market in Howard County for the past 14 years.
We’ve got the secret sauce!
Have questions about the market? Looking to make a move this year? Reach out to us!
