Active
Volume: 75 (+5.6%)
Low: $2,100 (0)
High: $16,000 (0)
Average: $5,638.39 (-3.2%)
Median: $4,750 (-10%)
Leased (last 30 days)
Volume: 32 (+6.7%)
Low: $1,995 (+11%)
High: $7,800 (0)
Average: $3,826.72 (+7.7%)
Median: $3,300 (+8.2%)
Average DOM: 32.91 (+5.5%)
This is pretty typical of this time of year. Increasing active inventory, decreasing average prices and increasing days on market. People are just less inclined to move during the holidays and don't want to add the stress of moving to their plate. I think it will be interesting to see how this data changes with the impact of rising interest rates.
My dad recently sent me an article indicating that it is more attractive to purchase because the sales market is not increasing as quickly as rents are. I expressed my skepticism as a result of clients texting me their concerns over interest rates. Either way, one of the best learning lessons I have had is that times of insecurity or chaos typically provide opportunities. I think the next 6 months to a year will be one of those times.
There still seem to be plenty of millenials who would like to get their foot in the door, but might hold off for some time. I might try to see if I can find an article on the number of people per household. I think this data would provide good support to indicate what either market is doing. Decreasing numbers of people per household would be a positive indicator for the real estate market overall. I'll see if I can get my hands on some of this for Saturday's post.
Volume: 75 (+5.6%)
Low: $2,100 (0)
High: $16,000 (0)
Average: $5,638.39 (-3.2%)
Median: $4,750 (-10%)
Leased (last 30 days)
Volume: 32 (+6.7%)
Low: $1,995 (+11%)
High: $7,800 (0)
Average: $3,826.72 (+7.7%)
Median: $3,300 (+8.2%)
Average DOM: 32.91 (+5.5%)
This is pretty typical of this time of year. Increasing active inventory, decreasing average prices and increasing days on market. People are just less inclined to move during the holidays and don't want to add the stress of moving to their plate. I think it will be interesting to see how this data changes with the impact of rising interest rates.
My dad recently sent me an article indicating that it is more attractive to purchase because the sales market is not increasing as quickly as rents are. I expressed my skepticism as a result of clients texting me their concerns over interest rates. Either way, one of the best learning lessons I have had is that times of insecurity or chaos typically provide opportunities. I think the next 6 months to a year will be one of those times.
There still seem to be plenty of millenials who would like to get their foot in the door, but might hold off for some time. I might try to see if I can find an article on the number of people per household. I think this data would provide good support to indicate what either market is doing. Decreasing numbers of people per household would be a positive indicator for the real estate market overall. I'll see if I can get my hands on some of this for Saturday's post.
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