June 2022 Market Update
New listings continued to increase slightly in June compared with the previous month as well as the same year last month. Homes sold in June were up 16% from May, and down 5% versus June 2021. 50% of homes went under contract in just 6 days or less, which is an increase of 20% from both May 2022 and June 2021 - 20% seems like a lot; however, we're still at a Median of less than a week on the market, and there's still less than a month and a half of inventory available, though that number is an increase of 26% from May 2022 and 12% from June 2021. So, we are still very much in a seller's market.
Regarding pricing trends, the average sales price dropped a tiny 2% from May to June, to $600,000. That's an increase of 19%, or $95,000 more, from June 2021. And, on average, homes sold at 103% of the listing price at the time of sale, and 102% of the original listing price at the time of sale. So while the average sales price may have dropped a bit, buyers are often still offering - and paying - more than the listing price.
So what do these monthly micro-shifts mean for buyers and sellers? First, so far it appears that the interest rate increase hasn't scared off buyers. Smart buyers, and those who get good advice from their lenders and realtors, will focus on the monthly payment rather than their interest rate - they know that later this year, interest rates will likely drop and they'll have opportunity to refinance based on the equity they'll build by buying now. And, the investor market remains strong in Buncombe County, and investors are typically not concerned about rising interest rates, as long as the numbers make sense for them.
Also, with more homes available and still being in a strong seller's market, there will still be competition among buyers, but some aspects may ease, such as lower due diligence deposits, fewer multiple offers on homes, etc. We're not yet close to a balanced market, but buyers may start seeing some benefits while sellers are still reaping the rewards of relatively low inventory.
To discuss more of what this means for your real estate goals this year, call us today at (828) 771-2339 to chat to one of our agents about more market data and see what makes sense for your real estate plans!
