December is a tricky time for buyers and sellers. Few sellers want to list their home if they have a Christmas tree up. A lot of buyers are waiting until the holidays are over before making any moves. Attorney’s offices will close the last week of the year so real estate closings are not occurring either. These factors create a seasonal slowness that is experienced every year.
December 2022 closings: 1,108. That is significantly less than December 2021 (1,836) and December 2020 (1,825). It’s the lowest number of closings in our area since May 2020 (1,043).
December 2022 average sales price went up! Last month the average sales price was $367,064 which is an almost $6,000 increase from November.
The number of new listings in December was 1,040. December is almost always the month of the year with the lowest number of new listings. This year is most closely matched with 2014 when that December 1047 new listings were added to the market.
Just like every month, our December market is defined by supply and demand. With few newer listings added to the market, our price went up! Paired with less inventory, there was lower demand with fewer closings. What does all this mean? We had a normal December. Now, it’s time to turn the page and accomplish our goals for 2023. Goodbye, 2022!
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