The local housing market finally showed signs of slowing down in October, though sale prices remained steady.
The 141 units sold during October 2022 was down from 150 sold the month prior, and was also lower than each of the last two years for October.
Other signs of a slowing market were the days on market jumping from 52 in September to 68 in October, number of sales pending dropping from 154 to 128, and number of active listing rising from 243 to 289.
“The housing market has been trending down the last few months and as expected, we saw another decline locally in units sold in October,” said Devin Taylor, GO REALTORS President-elect. “The last two months have shown lower units sold than the previous year.
Meanwhile, the average sale price remained at roughly $227,000 — third highest for the year behind only September ($227,100) and August ($243,000).
“The value of homes sold continues to rise year over year,” Taylor said. “Time will tell, but home values are holding strong, a good sign for our home buying and selling market.”
GO REALTORS President Michelle Wiesman said with the availability of inventory increasing, they are seeing a more balanced market.
“More inventory allows for a more diverse group of buyers, which creates more homeowners,” Wiseman said. “This availability shift of inventory is a welcomed adjustment for those in the industry and the consumer.”