North Shore | Real Estate Market Update | October 2022

The real estate market has certainly been on the minds of many as interest rates and inflation have continued to rise. Though there has been a lot of talk about an impending "crash," the market data does not support this notion. What we saw was a market that was starting to align more with a pre-pandemic market. It is important to note that almost across the board, the average sales price was up from a year ago. What is different is that instead of sale price to list price ratios hitting over 105, we are seeing more close to 100. This means homeowners are still getting asking price and over, just not quite as far over as a year ago. Similarly, the days on market are up from a year ago, but are still low with almost all under 30 days.

Another important note is that both the total number of new listings and listings sold are down year over year. This tells us demand will still be high with such little inventory. Our take: we are in the sweet spot of the market, where sellers do not have significant amount of competition and can still get asking price for their home (if priced appropriately) and buyers now have far more ability to have accepted offers with inspection and mortgage contingencies and without the extreme competition and bidding wars.