Summer is officially over, and as we roll into Autumn, let’s reflect on where we are in the market. We saw some panic over the Summer as interest rates rose and became more volatile, but most Buyers are now realizing that they can refinance down the line and have decided to get back off the sidelines with more inventory from which to choose.
The last 2 years were unprecedented and the market is balancing back to pre-pandemic levels. See below the number of new listings is pretty close to where we were in 2019. If you compare 2022 with 2021, you see a decline, but it doesn’t paint the entire picture.
The interest rates are not hampering Buyers as much as the media would have you believe either. Here’s a historical view of rates over the past few decades to show that hovering between 5-6% might not be the end of the world. The historic lows were not the norm, as much as we would have liked them to be.
So the current market shifts are simply normalizing us back to pre-pandemic levels. This is a healthy change. We discussed the difference between depreciation of home values vs. decreased rates of positive appreciation last time, so I hope this helps keep things in perspective. As always, feel free to reach out with any specific questions you may have.
I’ve tried to get more creative during peach season this year. I always make the annual peach and blackberry cobbler, but this year I felt I needed to step it up, so I made peach salsa, a peach, burrata, and prosciutto salad (below) ….
…and the most glamourous of all, this Sunset Pavlova, pictured below, with peaches, plums, grapes, cardamom cream, and rosemary that will certainly go into the books to be repeated. It is Yotam Ottolenghi’s recipe and I highly recommend it. I swapped the nectarines for peaches in the recipe.
While I look forward to fires and sweaters…I’m still clinging to the last of the Summer produce. I’m not quite ready for the pumpkin spice world just yet. Maybe next week?
Until next time, stay safe!
