# OF HOMES SOLD
The number of homes sold through the first three weeks of October is significantly off the pace of the same period in October 2021 – down almost 40%. 2022 is staying on track to see 20 – 25% fewer homes sold this year compared to last year.
HOW IS THE INVENTORY CHANGING
MORE HOMES ARE FOR SALE
Close to 2,100 homes are currently listed for sale in the five-county region, which is up over 20% in the last four months. The majority of the inventory is in Sussex county and most of the increase in inventory has been from Sussex and Worcester.
PRICE DECREASES ARE MORE COMMON
October is at a 5-month high for the number of homes for sale that have had a price reduction. Of the 2,000+ active listings, there has been an average of 28 price reductions per day. This is a natural result of a thinning pool of buyers and decreased affordability due to the interest rate hikes.
HOMES ARE STAYING ON THE MARKET A LITTLE LONGER
Median days on market before going under contract has crept up to about 2 weeks in September/October. This is after 5 straight months of increase. This is still quite low compared to 2018, 2019 and the first half of 2020.
Have a question about the market? Ask me! Email questions to Ryan.Basch@thepayneteamre.com
Made with FlippingBook - professional solution for displaying marketing and sales documents online