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    Northbrook Market Minute September

    Average Sales Price is $584,000 up 3.9% over last year at this time.
    Market time is down 54 days.
    98.8% eye-popping list price to sales price ratio
    Inventory of homes for sale is down 41% over last year.

    Is it too soon to lower the price? Here’s your Northbrook Market Minute for September 2022. Average Sales Price is $584,000 up 3.9% over last year at this time.

    Market time is down 54 days.

    98.8% eye-popping list price to sales price ratio

    Inventory of homes for sale is down 41% over last year.
    I had a buyer tell me they were surprised that the house they wanted to view sold already. They hear the news that the market is slowing down. This is the key statistic of the month-we are still short of homes for sale. Yes the interest rates have gone up but there are still more buyers than sellers in NB. For this reason, we are still in a seller’s market. Properly priced homes are selling but if the seller misses the bingo price then it won’t sell. It’s crucial to consider our hyper local market.

    Another question I get-is it too soon to lower the price? Not necessarily! When we follow the marketing plan the goal is 5-10 showings a week for the first 3 weeks. If we aren’t getting that level of activity it tells us the price is too high. We don’t want to chase the market down as it softens going into the winter months. Let’s correct and get the property into a new range of buyers if we didn’t hit the bingo price initially. That’s SMART. We are paying attention to the market that changes daily.

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