The annual REview
The year 2022 has been full of ups and downs in the real estate industry. As we look at the past year, it helps to see some of the numbers to put together an evidence-based summation of the market.
- Volume of Sales: $1,401,339,444 (At the bottom of the page is a table showing the monthly sales volume totals.)
- Inflation Rate Change: The inflation rate from January 2022 to December 2022 is down 0.4%, but the inflation rate January 2021 was 1.4%.
- Interest Rate Increase: The interest rate has doubled over the year, increasing from 3.183 percent in January 2022 to 6.373 percent in December of 2022.
- Average List Price Change by Month: At the bottom of the page there is a table of average list prices by month.
The year started out in a very fast paced market scene with very limited inventory. The market continued to look like this for the first quarter of the year. In June, we experienced a hike in interest rates and this slowed the market considerably. In the rural real estate market, the flooding also happened in June, this put a halt on river front and creek front property for a couple of months. As the summer continued, sales remained low. September had the largest sales volume for the year. The following months were fairly small in sales volume as interest rates continued to rise. Throughout the year, the market attempted to gain back a healthy inventory but was unsuccessful. We are still working in a low inventory market.