Market Snapshot September 2022
It’s been said the market is changing – that it’s leveling off and, in some areas, is reported to be a buyer’s market. To paint a clear picture of today’s housing market in Moore County, we’d like to approach the numbers from a different viewpoint and compare September’s stats with those from March, when the 2022 market was at its most competitive. Check out the chart below to see how it’s changed and gain some insight as to what those changes mean.
|Datapoint||March||September||What Does It Mean?|
|Number of Active Listings||140||341||The number of active listings has more than doubled since March, an increase of 243%, giving more opportunity and choices to buyers.|
|Absorption Rate in Months||0.65||1.75||The number of active listings directly correlates with the amount of inventory available, adding another 1.1 months since March. At less than 6 months of inventory we’re still in a seller’s market but, now, there are more available homes for buyers to view.|
|Median Listing Prices (Active Listings)||$480,710||$455,000||Homes are holding their value, but sellers are not getting the outrageous asking prices that they were when the market was at its peak. Appraisals are catching up and home values are leveling off.|
|Sold to List Ratio||102.3%||98.5%||Until August, the sold-to-list ratio had been over 100% for all of 2022, with the height being in May at 105.1%. August saw the percentage dip below 100%, where it continues to remain. Sellers and agents are finding that they are not consistently getting over asking price anymore and are having to adjust listing prices to be more in line with a changing market and flattening appraisal values.|
|Days on Market||19.2||20.3||Days on market still reflect a seller’s market, though houses are taking a little longer to sell than they were during its height. While homes continue to sell in days rather than hours, they are still selling remarkably faster than the pre-pandemic market, where it typically took up to 2.5-3 months to get a home under contract.|
Whether buying or selling, we still hold to this advice to give you the greatest edge:
SELLERS, if you are considering selling, now is a good time to take advantage of the market. Seasons and mortgage rates always have some influence but, looking at the numbers, there’s still no better time to sell. Realistic expectations and pricing your home based on market data increases the likelihood of getting your home seen and under contract quickly.
BUYERS, you should always get pre-approved. A good mortgage lender can discuss your loan options and help you find the best way to finance your new home, in some cases with no money down. Talk with a local lender to see how much you’re approved for and to find out what programs they offer to help you get the most house for your dollar.