At the time of this writing, the regional sales volume is down 47.1% this year from the same timeframe last year. I expect we will see around 65 or 70 closings today. If we do, this will put us around 47.5% off of last December.
What does this mean for sellers? Expect more days on the market and having to pay higher concessions as well as lower than list price offers.
What does this mean for buyers? You have a lot of leverage you didn’t in May. You can (probably) ask for those concessions and money off of list price.
The average days on market for December 2022 right now is 40.37, median is 28. Homes are selling for 5.97% lower on average than their original list price and 1.15% lower than their list price at the time of contract. We also have 89.1 days on inventory on the market and are closing down 12.61% from the peak in May 2022.