This month's market data, based on May 2022 stats, showed a big increase in inventory while number of sales, sales price, and days to offer remained around the same. Meanwhile, the sale price to list price ratio was up year-over-year. With the increased inventory and number of sales staying around the same, this means that we have more inventory going into the current month. This creates less demand as there are more options for buyers. Pair this with increasing interest rates and we are currently seeing homes staying on the market a little bit longer and we are seeing buyer pools decrease, as buying power has decreased with the increased interest rates. These few months are seeing a shift in the market. This is definitely good news for buyers, as they now have more options and a little less competition, however, the best homes are still selling fast and over asking price. Based on the data, sellers should note that we are currently still seeing over ask selling prices, but pricing your home right from the off-set is the key to getting multiple offers.
SOURCE VIA MLS; TOTAL SOLD MARKET STATISTICS MAY 2022 VS. MAY 2021, ON-MARKET SNAPSHOT AS OF 6/8/2022
NORTH SHORE DATA INCLUDES: BEVERLY, ESSEX, GLOUCESTER, HAMILTON, IPSWICH, MANCHESTER, MARBLEHEAD, ROCKPORT, SALEM, WENHAM