As mentioned in my updates during the pandemic, there was a lull between comparing like-kind markets until we were looking at Covid market vs Covid market. I have the same opinion the 2023 1st quarter is not a fair comparison to 2022, because last year at this time rates had just begun their drastic shift so these numbers from 2022 aren’t reflecting that yet. Given the typical contingency period of 45-60 between a house going under contract and closing, we won’t start seeing a like-kind comparison until at least May. At that time, I’ll be interested to see how much we’re recovering from the ’gut punch’ mortgage rates from late 2nd quarter on.
As for our current market, I’m thrilled to see we are still hovering in a balanced market. At least on paper. In the real world, inventory is still very tight in the mid to low range price points and we’re continuing to have multiple offers within days of properties becoming available. As frustrating as it can be for buyers in that situation, over all this is a positive for our area. Why? Because it illustrates people having the ‘buy’ mindset as opposed to the ‘keep renting’ one, despite the higher rates. Given the real estate industry is one of the strongest drivers of our economy, when people buy houses everybody wins.
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