In this month’s edition of the Lewis County Market Report for May 2022, we’ll consider all the major factors that contribute to a market. Then we’ll analyze the findings and predict what we’ll find in the next market update.
You can see last month’s report HERE.
New listings are only up 3% from March! However, inventory increased by 8 units. Still baby steps, but certainly better than the one unit increase from last month. Currently, there are 130 units available. We’re 34 units over the historical low and there are about half as many units currently for sale as there were in March of 2020, right at the beginning of the pandemic. Following trends, expect inventory levels to increase throughout the summer and drop again in the winter.
Buyer demand is still higher than new listings each month. This is one of the reasons why our inventory supply is decreasing month after month. In March, 126 units when pending. This month 130 units were gobbled up by buyers. Though there were fewer closed sales in April than there were in March, pending sales are still on the rise. While I still foresee a decrease in buyer demand, it looks like buyers are still going strong for now.
The average sales price based on a 12-month rolling average, increased by approximately $2,480. While that’s a lower number than the increase we saw from February to March, sale prices are still trending upwards.
As of April 1st interest rates were at 4.89%, as of May 4th, they were 5.5%. That means in one month you lost 7% of your buying power! For example, if you were approved for a loan for 350,000, you just lost 24,500! In this market, you need every dollar you can get. As I said last month, and as the statistics keep showing us, the only thing decreasing is your buying power.
Lewis County Market Report May 2022 Summary
I have heard many buyers complain about the current market and decide to wait it out. They are looking for a market correction. This was not a good decision at that time because prices were rising so astronomically. Now, with interest rates rising, that strategy has cost many buyers nearly $100,000 of buying power. Waiting is never a strategy! Find out your buying power, make a plan, and work with your realtor to execute it.
Not quite ready to get started but want more information? Head over to my FREE VIRTUAL BUYER SEMINAR.
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Have questions about buying or selling, you can contact me HERE.