The prices sold for both single family homes (SFR) and condos have both been on a downward trend since beginning of the summer due to a rise in the interest rates. However, the fact that prices sold have remained elevated and Days on Market (DOM, the time it takes between a home being listed on the market and into escrow with an accepted offer) is still in the low double digits indicates, in my opinion, a relatively robust real estate market. According to the July stats, the “Percent of Original List Price Received”, which is a measure of “The percentage found when dividing a property’s sales price by the original list price.” is at 100% as of July 2022. Whereas it’s been trending at above 100% in the previous months. As a result, over-asking offers are becoming less of a common practice.
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