First 60 Days: The Market's Still Strong! 


There are interesting comparisons for the over-the-mountain housing market during the first 60 days of 2022 and 2023. The most important finding is that it's still a seller's market despite the increase in mortgage rates.


534 homes sold with median days on the market of 3

Average list-to-sales price 101.2%

Average sold price $484,819


380 homes sold with median days on the market of 5

Average list-to-sales price 99.27%

Average sold price $528,102

During the first 60 days of 2022, 154 more over-the-mountain homes were sold than during the first 60 days of this year. That's a 29% drop in unit volume. However, the average sales price for homes sold this year was 8.9% higher than during the same period last year. The median days on the market increased by 2 days to 5. Still, extremely fast by historical standards. 

The increase in average sales prices during the first 60 days and the still very attractive (although longer) median days on the market are indicators of a healthy market.

But why have prices increased at the same time that sales volume has decreased? Hayden and I believe that the increase in interest rates is primarily to blame for these seemingly contradictory statistics. Sometimes prices rise because the average cost of all homes is going up. Other times, average prices appear to go up due to an increase in the percentage of more expensive homes selling. With rates rising, more buyers are paying cash, and cash buyers tend to buy more expensive homes. The stats confirm our theory. During the first 60 days of 2022, about 30% of homes sold for more than $500,000. This year that number increased to about 40%. Based on that, the actual rate of home price appreciation is likely lower than the 8.9% increase derived from comparing overall average sales prices from the two periods.

What does the decrease in the List-to-Sales price ratios tell us? This year's 99.27% list-to-sales price ratio, while lower than last year, is still good. The decline shows that the market during the first 60 days of this year wasn't as frothy as the previous year. But, this decrease could also be partially attributable to more buyers paying cash this year. While we don't have data to prove it, our experience is that cash buyers tend to be older, more affluent, and more cautious when writing offers.

The good news for sellers- Most listings are attracting 2 or 3 offers. That's enough to generate a very attractive sales price!

The good news for buyers- We're not seeing as many listings with 10 plus buyers writing offers!

Posted by Mike Wald on


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