Here is your Market Update for North Bay Real Estate for November 11, 2022!
Surprisingly, Median Prices actually increased in the North Bay in October, and prices are still up over this same quarter last year. Absorption Rate is overall down a bit, meaning that home sales are still moving more slowly than they were when the market was hotter. Market Activity is still very poor compared to last year. Looking back at a similar North Bay Real Estate Market Update I did mid-November 2021, there were 96 New Listings, 18 Back on Market, 38 Price Reductions, and 20 Listings Withdrawn. Compare that with what saw this past week, and there is a clear shift. Price Reductions have been heavily outpacing new listings, and listings are being withdrawn at a high rate.
If you’re a market watcher, you saw that the market was extremely strong yesterday due to some better-than-expected inflationary news. For a more detailed analysis, you can take a look at THIS VIDEO from a lender partner I’ve worked with in the past, Hunter Marckwardt of Cross Country Mortgage (he and his team are excellent, by the way). The gist of it is that we still need to take things one day at a time, but lessening inflation could eventually mean the Fed no longer needs to control the economy through raising interest rates. This will be a great thing for stabilizing the housing market and bringing some buyers back into the market who have been priced out due to the rise in interest rates.
CLICK HERE to contact me about this or anything else that’s on your mind (real estate related, of course :))