Lynn North's Market Update

Market Dynamics: Sales, Prices, Rates, Rents & Inventory


The rapid market slowdown of the past six months is predicted to largely level off in 2023.

•    Fewer home sales in 2023 compared to 2022. Annual US home price growth to decline only modestly or stay the same as 2022
•    Inventory to stay at current levels or increase somewhat over 2022
•    Interest rates to be lowered to between 5% and 6% from 7%
•    Sellers are weighing the options of renting their homes until the market improves to sell it

Market Demographics: Buyers vs Sellers

 
The market’s balance of power is predicted to shift towards buyers for the first time in years.

•    2023 should have a more balanced housing market, where sellers will still realize healthy appreciation levels (10% a year) and buyers will appreciate lower prices
•    First-time buyers will stay at the same lower levels as in 2022
•    Buyers aged 55-74 will continue or rise from the record highs from 2022
 

Where & How We Live: Urban vs Suburban Living


Urban living, condos, and shared amenities will all be more popular in 2023

•    As affordability challenges continue, the pandemic fades, cities regain their luster and more companies begin to require employees to return to the office more regularly, condos will experience a resurgence in popularity in 2023.
•    Urban living would grow in popularity.
•    Community amenities – community centers, pools, tennis/pickleball courts, etc. – would grow in popularity was more than triple the number that said those amenities would fade in popularity.
•    Large yards would fade in popularity

CONDOS / TOWNHOMES

SAN MATEO COUNTY

79

SOLD HOMES ↓22% YOY

33

AVERAGE DAYS ON MARKET ↑32% YOY

$927,000

MEDIAN SALES PRICE ↑1% YOY

$828

PRICE PER SQUARE FOOT ↓2% YOY

SINGLE FAMILY HOMES

SAN MATEO COUNTY

275

SOLD HOMES ↓14% YOY

19

AVERAGE DAYS ON MARKET ↑1% YOY

$1,800,000

MEDIAN SALES PRICE ↑1% YOY

$1,137

PRICE PER SQUARE FOOT ↓3% YOY

CONDOS / TOWNHOMES

SANTA CLARA COUNTY

236

SOLD HOMES ↓23% YOY

21

AVERAGE DAYS ON MARKET ↑11% YOY

$970,000

MEDIAN SALES PRICE ↓2% YOY

$773

PRICE PER SQUARE FOOT ↑2% YOY

SINGLE FAMILY HOMES

SANTA CLARA COUNTY

596

SOLD HOMES ↓8% YOY

16

AVERAGE DAYS ON MARKET ↓24% YOY

$1,173,000

MEDIAN SALES PRICE ↑3% YOY

$1,095

PRICE PER SQUARE FOOT ↑6% YOY

Work With Lynn

She is personally committed to her clients’ success and her impressive results are in selling her listings within 10 days with multiple offers! Contact Lynn for a free consultation on your home.