We are over halfway through December and here’s where we stand right now. Sales volume is down 48.1% over this time last year (measuring the first nineteen days of both years). The bar chart below shows the total volume of sales by December since 1996 in blue. The red line is where we were sales number wise last year at this time.
Here are the home prices for the same period of time. We are just under 1% above last year’s prices this month last year.
Additionally, take a peak at the 14 day rolling average closed prices for the last three years. We are, at the time of this writing, down about 14% from our market peak in May 2022.
What does this mean for you? I think we are going to see a rough 2023 in terms of declining prices, increased inventory. If you are think of selling and it can’t wait, consider listing your home sooner rather than later. If you are buying a home, plan for the long haul. Ask, “Can I hold this payment regardless of what the market does?” Don’t plan – don’t bank – on a quick resell or refinancing to carry the note.
Rob Thompson, Realtor®, MBA, The Agency Colorado Springs – 719.440.6626