7 Day RE Colorado Matrix Market Update 11-11-2022
Looks like the typical seasonal slowdown, recent mid-term election and increasing interest rates are having a significant impact on the housing market. At right around 7%, the average 30-year fixed mortgage rate is nearing its historical average. Freddie Mac the main industry source for mortgage rates has been keeping records since 1971. Between April 1971 and October 2022, 30 year fixed-rate mortgages average 7.76%. The advertising flyers or articles you see typically have older data in them and not a good basis for any real estate decisions. The real estate market turns on a dime and most information that you see is using data that is two to three months old. Since the market turns quickly looking at a smaller period becomes more appropriate for making the right decision. The stats below are a seven day look from the RE Colorado Matrix system. The number that sticks out in these stats is the number of Price Decreases 1,311 in the last seven days indicating the lag in adjusting pricing to the current changing market. The number of closed properties during the same period was 753 and pending listings were at 789. Price decreases are big part of the market today. The other numbers to note are from new listings, price decreases and back on market properties. During this period 182 properties came back on the market indicating properties that have fallen out of contract for one reason or another. This number is 24.2% of the number of closed properties during the same period. The market has become more of a buyer’s market with advertised seller concessions and inspection items addressed within the transaction. During a changing market, the need to consult with a qualified real estate professional becomes even more important. If you need a real estate professional with changing market experience reach out to me at any time.
RE Colorado Matrix system Seven Day Stats
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