December 2022 Real Estate News Letter

Traditions are Great.

We have a special one that I’ll share below, but first, I want to say that new traditions are good too. Beginning a new tradition can be the start of something Big.

The main tradition that I have is that we invite our family over for Christmas Eve Dinner. We have a great meal, and then we exchange gifts. I cherish these times because I know… sometime down the road (with all the kids getting married and having families of their own) we may not be able to get together like we do now. WE are truly blessed to be able to share time with our immediate family members the way we do.

Ok, back to real estate. Here are some interesting numbers. (I pulled these for an area in Lancaster, from Ave I to Ave L and from 20th W. to 50th W, a pretty good sample size [9 square miles]).

From October 1st of 2021 to November 30th of 2021 there were 101 homes sold with an average sold price of $470,922.00… and the average home sq. ft. was 1,926 and the $ per Sq. Ft variant was $260.80. Compared to the same time frame in 2022 (October 1st to November 30th) and there were 66 homes sold with an average sales price of $506,997.00. The average home sq. ft. was 2,210 and $ per Sq. Ft variant is $249.90. Even though the year over year price is higher for 2022, the dollar per square foot number is lower.

My sample size is a bit different than (GAVAR) Greater Antelope Valley Association of Realtors’ Multiple Listing Service) The high point in 2022 was approximately May 22nd with a average sales price of $470,000.00 and then a low point of $437,000.00 in November 22nd. This is a 7% decrease for this time frame. We don’t know what the numbers will be in December 2022. What I can tell you is this…. Home prices are likely to start going up in the beginning of 2023. 2 main reasons. 1. Mortgage rates are starting to come down. 2. There is still a housing shortage. This being said, if the Federal Reserve Chair/Committee raises the federal funds rate more than anticipated….. home prices may come down.

If you have any questions feel free to call, text, instant message or email me.

Take care and be safe out there.

 May the Lord Bless you with good Health, Happiness and Abundance.

Ron Hier

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