Real Trends in Las Campanas Real Estate, Nov 2022

Dear Friends,   

Welcome to Real Trends in Las Campanas Real Estate! Our intent with this newsletter is to provide you with the most current and in-depth information about sales in Las Campanas, allowing you to make highly informed decisions when you are ready to buy or sell.

We are both delighted to have teamed up to bring you unmatched real estate service and knowledge of our local market. Our professional history and friendship go back 30+ years, including working closely together for many years on the Las Campanas Realty sales team.  We are available to answer any questions you have or to meet and discuss the market in more detail. 

Data below compares October 2021 to October 2022. The result shows a concise picture of the current market, year over year, during these times of market adjustment. Month of October Year-over-Year
(all expressions are Median Averages)DAYS ON MARKET
                    October 2021              4
                    October 2022            64

                    Homes are staying on the market an average of 16 times longerMEDIAN LIST PRICES  
                    October 2021          $1.750M
                    October 2022          $1.735M
                    Reflects only a slightly lower average list price from last yearACTIVE LISTINGS
                    October 2021            42
                    October 2022            51
                    Showing a 17.6% increase in active listings in the current yearMEDIAN CLOSED PRICES
                    October  2021          $1.425M
                    October  2022          $2.115M

                    The 2022 October average closed price is the highest monthly sales price
                    ever recorded in Las Campanas. The obvious conclusion would be that
                    buyer’s recent choices would be for more expensive product and that there
                    were fewer lower end homes on the market.   LIST PRICE VS. SALES PRICE
                      October 2021     List       $1.550M
                      October 2021     Sale      $1.500M

                      October 2022    List        $1.975M
                      October 2022    Sale      $1.775M

                     While 2021 reflects a 3.2% difference of homes being sold under the asking
                     prices, the 2022 disparity between list prices to sold prices is much greater
                     at 10.1%MONTHS OF INVENTORY
                      October 2021      5 mos.
                      October 2022      7 mos.

                     This reflects a 28.6% increase in time in order to absorb inventory
                     levels on the market

Our market is obviously adjusting downwards in an attempt to adjust to current
conditions. It will be interesting to see if next month’s numbers reflect a further
downtrend or tend to stabilize. Those who wish to list their properties would be
well advised to keep this trend in mind while pricing their homes if they wish to
achieve reasonable time frames to sell.