What a year it was in 2022 for sales of single-family homes and condo/townhouses! We saw in the beginning of the year a seller’s market with unbelievable pressure on buyers to purchase with low 3% interest rates but with multiple offers on properties and very little contingencies. We ended the year with a great pullback partly due to rising interest rates, higher inflation and a looming mini-recession, mild recession or whatever economists are calling it. The numbers here in the picture, San Mateo County Home Sales, show that overall 2022 saw a slight increase in median sales price, more time to sell and less inventory to choose from. Still, 2023 shows great promise for both buyers and sellers, referring to the San Francisco Bay Area.
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