January Update Highlights
January 05, 2023
Here are the highlights from Tina Tamboer’s presentation on January 5, 2023.
SUPPLY = 28% below normal
** but up 203% from December 2021
DEMAND = 36% below normal
LISTINGS UNDER CONTRACT = Down 20% from December 2021
RENTAL SUPPLY = Up 192% since September 2021
MEDIAN DAYS ON MARKET = 55; varies by price point
MEDIAN SALES PRICE = $415,000 in December (YOY appreciation is now negative)
** From May 2022 to December 2022, the median sales price declined 13.5% (1.9% per month)
ANNUAL MEDIAN SALES PRICE PER SQUARE FOOT APPRECIATION = Down 0.8% (from December 2021 to December 2022); however sales price/sf is down 12.4% since May (-1.8% per month)
PRICE REDUCTIONS = Have declined significantly; many sellers are offering concessions for rate buydowns in lieu of price reductions
CONCESSIONS = 50% of all sales in December had a concession; median concession is $9,400
SALES PRICE VS. LIST PRICE RATIO = 96.6% of list price
What’s reasonable to expect in the coming weeks/months?
Please feel free to reach out with any questions. We have more detailed notes if anyone would like them. Bison Ventures, we understand that the current market is challenging and there is uncertainty regarding interest rates. We know we have many clients in need of a new home, and we do not want today’s interest rates to be a barrier. We are currently offering the Bison Refinance Program – After six on-time payments of your new mortgage, you are eligible for a Special Refinance for a period of 3 years from your closing date. This entails NO lender or appraisal fees. Please let us know if any of your clients would be interested in discussing this further. It’s a perfect opportunity to buy now, and lower rate later!