After over 2 years of double-digit growth and a market unlike any we’ve seen before, 2022 ended up righting itself with the help of higher interest rates and continued lower inventory. To say we ended the year in a normal market isn’t quite true, but we made steps towards one even though sales slowed down significantly.
For us at 15 West Homes, 2022 was another amazing opportunity for us to help over 70 clients buy, sell or rent a home, leading to over $25 million in total sales volume. We can’t tell you how much we appreciate your referrals and continued support, it allows us to continue to do what we love – helping people with one of the biggest decisions of their lives.
- Sales Volume = $25,200,000 (↑ 11% from 2021)
- Total Transactions = 72 (↑67% from 2021)
- Buyers Served = 25 (↑32% from 2021)
- Sellers Served = 16 (flat from 2021)
- Renters Served = 31 (↑387% from 2021)
What’s up for 2023? No one has a crystal ball but predictions are a continued market reset with further price corrections and slower price appreciation. As a result, home sales are also likely to wane compared to prior years, falling to their lowest level since 2014.
The biggest challenge as we head into the new year will continue to be supply. New construction is predicting more housing starts in late Q1 which should help. Interest rates aren’t predicted to go up significantly from where they are and predictions are that they will be in the 5% range later in 2023.
Sellers still have a great opportunity to maximize the opportunity for cashing out on their equity. As you can see from the chart above, median home prices have fallen but overall there is still price appreciation, albeit at a slower rate. In other words – no housing bubble.
That said, it’s still a great time to sell or buy if the time is right for YOU – it’s all about planning the best strategy to meet your goals and that’s where we come in.
We wish you all the best in 2023 and look forward to helping with any of your home-related needs from answering questions, recommending vendors, running scenarios and, of course, buying, selling or renting.
Market stats provided by Bright MLS