2022 Market - Heading into August
Heading into August and Back to School, some love the month of August, others dread it knowing the summertime will soon be ending. The real estate market always seems to slow this time of year while everyone tries to fit in one last getaway or prepare for school. We shall see how the month progresses.
The market over the last seven months has remained relatively resilient and we are starting to see inventory on the market longer, more inventory than the previous two years and price reductions on homes. A bit of a market shift has taken place in our market, but well priced homes still trade fairly quickly but you do have, at times, multiple options of homes to look at!
The overall sales thus far this year are not on the pace from last year per the Laramie MLS database but by a thin margin with only approximately 20 less homes sales thus far and if you do include office exclusive or For Sale by Owner homes that are in the system, then we are only around 10 homes. The average and median home prices have increased this year considerably, the sales price vs. list price is still higher but not as some would imagine with the median sale price about $5000 more than list.
The BIG talk is interest rates! With the jump in rates it did price some buyers out of their desired home due to price increases but one thing to think of, borrowing money at 5.50 – 6.00% is still a “cheap” borrowing rate historically.
With inventory added daily – it is not a bad time to buy a home and still good for Sellers! Call us anytime to discuss the market.
Photo from one of our many July activities here at Laramie Land Company - Laramie Jubilee Days!