335 Detached Homes were sold YTD. We're on pace to sell about 100 fewer detached homes in 2022 than were sold in Fremont last year. We're almost at the same pace we sold in 2019.
What's interesting is that the number of homes sold over $2M is greater than the number of homes sold over $2M last year.
I suspect two things are causing this: (1) the wealthy are less impacted by rising rates, and (2) home prices have risen pushing more property sales to higher price segments.
Pricing for Detached homes in Fremont peaked in April 2022 (these homes would have gone into contract in March) and continued their decline in November 2022. From the housing peak in April 2022 ($1,106/Sqft) to November 2022 ($902/sqft), prices have dropped 18.45%. From November 2021 prices have dropped 7.96%.
The biggest impact to the market right now is Fed behavior. The Fed is expected to due another rate increase next week after the new CPI data is released. Though we have seen tech layoffs they are not of the category of layoffs we had during the dot com bubble or Sub Prime collapse, so right now, I feel the thing suppressing buyers is general negative sentiment and high interest rates.
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