Market Update January 5, 2023

Q4 2002 Real Estate Market Update

“What the new year brings to you will depend a great deal

on what you bring to the new year.” —Vern McLellan

 

Happy New Year! As we begin 2023, I look back at 2022 with gratitude that I live, work and play in our wonderful Minnetonka community.

2023 should prove to be an interesting one for our local real estate market (and that across the country), as inventory levels are still relatively low and most economists expect the interest rate to start dropping a bit. I anticipate that a lot of buyers who had put their home search on hold will return to the market by the February/March timeframe.

As you will see in the 2022 Q4 Recap (included), our neck of the woods still proves to be one of the most sought-after in the western suburbs. One notable change is the average days on market for a home listed for sale has bumped up to 30 days in the last 6 months – up slightly from the bustle of the 18 months prior to that. We may see that number reduce a bit if rates drop before the end of winter. If you’d like more detailed information, reach out anytime!

The new year will undoubtedly bring new surprises and adventures.  My wish for you is a year surrounded by those who support you in all that you aspire to be.