Q3 Wrap Up & Q4 Prediction: List Price = Sold Price
Kathy VendelNovember 29, 2022
Northgate home prices continued to decrease in Q3. For homes listed in the quarter, 24 closed with an average sold price of $1,580,229. There are still three homes in escrow that were listed in Q3, but we don't expect their sale prices to dramatically affect the average. And there is one home listed in Q3 that is still in Active status. Together these four remaining homes average 62 days on market (vs. 16 days for the 24 sold homes).
FOURTH QUARTER PROGRESS
We are two months into the 4th Quarter with 12 homes listed since October 1st. Q4 is usually one of the slowest periods, but with a 25% drop in sales YTD (number of homes sold), it's safe to say the 2022 selling season is winding down.
The average list price per square foot for Q4 listings in Northgate is $710, about 2.5% lower than the average sold price per square foot in Q3 ($728). Prediction: looking at the direction of these data we are led to conclude List Price = Sale Price for Q4 2022. We'll know for sure in early January when closing data is complete. Stay tuned!