Was Contract Activity Slower Than Expected In November And December 2022?


Was Contract Activity Slower Than Expected In November And December 2022?
By Scott Rogers • January 5, 2023
Were this past November and December (2022) a bit slower than expected when it came to contract activity? Did fewer buyers (and sellers) sign contracts to buy (and sell) homes during the last two months of 2022? I suppose whether contract activity was "slower than expected" depends on what you expected. If you were expecting the same amount of contract activity as we saw in those same months in 2021 then yes, contract activity was definitely slower than expected. As shown above, 222 contracts were signed in November and December of 2021... but only 138 were signed in those same two months in 2022. Quite a bit slower! And they went under contract... slightly (+/-) slower as well. The median "days on market" in the last two months of 2021 was seven days... and that figure rose to a median of 10 days when looking at the last two months of 2022. The super, really important, disclaimer here is that after having risen throughout all of 2022 from about 3% up to about 6%, mortgage interest rates peaked just above 7% in... November. Stay tuned to see how things unfold in January and February of 2023! Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 22, 2024 (unless otherwise noted).
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