from Bernard Gibbons & Michelle Hensley
What a difference a year makes! In the January 2022 Real Estate Informer, we had no homes currently for sale, although four homes had sales agreed (all with less than 2 weeks on the market). And there were 9 closed sales since the beginning of November, mostly at, or over, list price.
The highest priced sale then was 2535 Kilpatrick Court (listed by Michelle and me), a single story 2500 sq.ft. 4 bedroom 2 bath home on a large lot, with a pool. Listed at $1,575,000, it sold for $1,775,000 with a sale agreed in a few days.
Since then, of course, prices continued to increase until around mid-year, when multiple interest rate increases put a brake on such growth. The market was virtually stalled for a while, and sellers with homes that had list prices based on earlier sales were forced to make price reductions if a sale was to be achieved.
As we moved towards the end of the year though, things started to settle down. Inventory levels were still insufficient to meet buyer demand, and homes that were listed for sale at prices that were realistically based on the most recent sales sold close to full price. Days on market were longer, and multiple offers were rare, but there were definite signs that the market was stabilizing.
Right now, as can be seen above, there are few homes for sale, but this is not unusual at this time of year. Federal Reserve Chairman Powell has indicated that he may ease his “hawkish” position on interest rate hikes, so mortgage rates could stay around 6% through the first half of the year, particularly if inflation was seen to be at an acceptable level.
Combine this with the likelihood of numbers of homes for sale continuing to be lower than buyer demand, prices should at least remain steady and with more buyers expected to enter the market early in 2023, well presented homes should sell quickly, provided that they are priced in relation to recent sales of similar homes.
Questions about the real estate market in Twin Creeks or anywhere else? Call Bernard Gibbons on (925) 997-1585 or Michelle Hensley on (925) 785-5544 anytime, or email email@example.com. We will help in any way we can and we are always happy to hear from you.
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