My View of the Market – October 2022

The buzz in the media these days are housing price reductions. Is it true? I have researched all of the current data on the NWMLS. What is true is that average Days On Market (DOM) have increased this year. They have gone from 8 days to 15 DOM. To me, this means that well priced homes are still selling in a short amount of time – historically, that’s pretty darn good. What is driving the news about price reductions is that some agents are still pricing homes based on the spring’s market pricing – typically newer agents. These homes sit on market for longer periods and then are forced to make price reductions. My advice: work with an experienced agent who keeps a close eye on market trends.