Hi there,
I hope your new year has started with the same promise that we’re seeing in the local real estate market! Friends and clients often ask me about the market, so each February I take the opportunity to share the prior year’s stats throughout the Capital Region and our map of closed sales for the 2022 year.
2022 Market Recap: The shockingly competitive market for buyers of 2021 continued into 2022 but peaked in Summer with unprecedented sale prices for sellers, sometimes 30% over asking in the most popular areas. As mortgage rates increased quickly, house prices did level off and in some areas they even ticked down a bit, but not nearly as much as forecasters had predicted. While the media teased us with the idea of a normalizing market ahead and perhaps a swing to a buyer’s market, this has not occurred to date in our area. Homes are still selling for 97% of list price on average this last month.
2023 Market Forecast: Our greatest challenge here in the Capital Region is the shortage of properties being listed combined with a tremendous pent-up buyer demand. Many well-qualified buyers have been searching for months to a year or more, having bid and lost on multiple homes among fellow buyers. Mortgage rates (which are still considered low historically) have leveled off and haven’t deterred eager buyers that want to move throughout our area. As you can see above, the inventory of homes was even lower at the start of 2022, so we’re hopeful more homeowners will see prices are still strong, buyer demand is there, and decide to sell.
Anyone thinking about selling shouldn’t wait for the Spring market – or any other timeframe. Now is the best time to capitalize on a property’s value with inventory so tight.
Your continued support of my business and ongoing referrals has been greatly appreciated. I thank you for making me your partner in all things home, and I wish you a happy and healthy 2023!
I’ll hope to see you soon!
Warm regards,
Melissa Cartier
Real Estate Broker/Owner
c: 518.321.5762