A quick market update and comparison of January 2022 to 2023.
Today I’ll be looking at different stats from our market in January 2023 and comparing them to January 2022.
Let’s begin with the absorption rate, which is a metric used in real estate to evaluate the rate at which available homes are sold in a specific market during a given time period. In January 2023, it was 1.43, while in January 2022, it was 1.0. That’s an increase of 43%. The number of sold listings in January 2022 was 1,123, while in January 2023, it was 803. That’s a decrease of 28.5%. We saw many more active listings this January. A total of 2,059 homes were listed on the MLS versus 648 houses listed last year. Generally, this means inventory is rising, and it’s getting easier for buyers.
“Don’t waste time and make your move now.”
Meanwhile, interest rates are now in the low to mid 6% range. Keep in mind that the interest rate can be volatile because it depends on many different aspects, like the creditworthiness of the client, the financial institution, and what kind of loan you’re getting.
Remember that the house you looked at today and wanted to think about until tomorrow may be the same house someone looked at yesterday and would buy today. Don’t waste time, and make your move now. Give us a call at (502) 458-2722. Let’s make that dream home a reality. Estén atentos al final de este video para la versión en español.
