September 2022 Real Estate Update
Hey Cleveland, Rich Ganim here with your September real estate update. If you find this information valuable, smash the like button, hit subscribe and share this video with a friend.
As you probably guessed, we closed out August still in a seller’s market.
The number of homes for sale was up 3.2% from last year and down 5% from July. Meaning that buyers had more homes to choose from this year but not as many as they had to choose from in July.
The number of homes sold decreased 5.3% compared to last year and increased 8.9% month over month.
The number of homes that went under contract was up 8.1% compared to July and down 5.1% compared to last year.
The Months of Inventory based on Closed Sales is 1.1, up 9.8% from the previous year. Meaning that if we didn’t see another house come on the market, we’d be about of inventory for buyers to choose from in just over one month.
As for the Average Sold Price per Square Footage in August, we were down 1.3% compared to July and up 9.6% compared to last year.
The Average Sold Price also increased by 0.4% from last month and Based on the 6 month trend, the Average Sold Price trend is “Neutral” meaning that is hasn’t fluctuated and has held steady.
The Average Days on Market showed a neutral trend as well with an increase of 5% compared to last year.
On average, The ratio of Sold Price vs. Original List Price is 101%, which is down 1% compared to last year.
All in all, things are holding steady and contrary to what we are hearing in the media, the sky is not falling and the real estate market isn’t a bubble waiting to burst.
Remember, real estate is hyper-local and the market where you live might be different than market of your friend or family member. If you have questions about your specific community, shoot me a DM and I’d be happy to share the stats with you.