Thursday, November 17, 2022 / by Julie Winter-Paez
For example, I took new listings October over October and were down 12% and year over year, we're still down about 10%. I also looked at total new listings, and in 2022, we have had 4,547 listings so far this year but if I go back just two years, we are down about 20% from 2022. And then I also looked at monthly inventory, and there were 3,610 units in inventory in October 2020, 2,448 in 2021, and 1,500 in 2022. So October over October, we are still down 38.24% but if we go back just two years, we're down well over 50% in average monthly inventory, which is staggering.
So again, what does this mean to you? It means that if you're a buyer and you're prepared, the market is transitioning, so you are getting some of your buying power back. But if you're a seller, it's still a great time to sell because there's very little out there for buyers to choose from.
I also looked a little bit at month supply. And what month supply is? It is the number of months it would take for the current inventory of homes existing on the market to sell, given the current sales pace. And we right now, believe it or not, have a 4.27 month supply of inventory. Generally and Historically, anything less than 6% still is a seller's market. If we go back to 2022, we had about a 10 month supply.
So again, our inventory is still greatly down. Overall, I can tell you new listings for the month of October, we're down 17%, year to date, we're down 10%. Closed listings are down 15%, year to date, we're down about 20%. The average listing price still is up. It's up by about 16%, and the selling price is up by about 16%. So prices are still holding and very strong. And then when we look at that average days on market, believe it or not, that is down to 82 days on market, which is down 34%. And year to date, we're down 31% with an average of 119.
So again, what does this mean to you, whether you're a buyer or seller, that means give us a call. You should be working with an expert who can help navigate the market with you. Is it the right time for you to buy or is it the right time for you to sell? Only you can answer those questions with the help and expertise of a market expert. And we would love to be that expert for you. So give us a call and let us help us guide you through the market. And as always, if you're interested in your segment of the market or what you're specifically interested in buying or selling, give me a call. I would love to dig in and help answer some questions for you. Have a great day and see you soon in the Northwoods.