October 2022 Market Update
The Market is still trying to navigate through the transition of higher borrow costs.
Let’s get in to the numbers:
Despite the higher borrowing costs, the average sale price continued to hover around the $1.1M for the fourth month in a row.
Average sale price in October was $1,089,428. And looking at the major home types, only the condo market had an increase in average sale price when compared to last year.
Even with the higher borrowing costs, if supply continues to decrease, we likely will see average prices increase in the future.