2022 Market Changes Set up Opportunities for 2023

Recapping 2022’s market and the three main factors that affect 2023.

2022 was a very crazy year in real estate. As we work to get ready for 2023, I’m going to recap last year and explain how it should influence our actions for the beginning of the year. These facts will be about all types of homes in San Mateo County, and everyone can stand to benefit from learning them.

First of all, 2022 had the highest median sales price in history. That value fluctuated throughout the ever-changing year, as it started at $1.5 million in January, peaked at $1,775,000 in April, and went down to $1,413,000 in December. Therefore, prices at the end of the year were about 20% below their peak.

Another value that is worth mentioning is days on the market. The year started at about seven days, then that doubled in the fall and doubled again during the holiday season. Now we are at 25 to 30 days on the market, which is extremely long for our area but about normal for the rest of the country.

The last factor we’re going to look at today is inventory. A balanced market would be about six months of inventory, but in our market, we often only have weeks. Throughout 2022, inventory was generally around one or two months, which is tight. This has kept prices a little more balanced—in other words, homes are selling for close to their asking prices.

“Home values, days on market, and inventory greatly affect today’s buyers and sellers.”

However, I think a lot of this is about to change. Many sellers have been holding out for the past few months to put their houses on the market at the beginning of the year and wait for a reset. This is very true with our clients—we have five new listings launching this week alone. I believe this is going to be a popular mindset, and that a lot of new homes will be coming on the market in the next month or two.

There will be some upcoming opportunities for both buyers and sellers. If you’re a seller, I encourage you to get your home on the market sooner rather than later. Also, price it aggressively and ahead of the market. You want your home to be the one that grabs the attention of the buyers.

If you’re a buyer, I’d say sit on the sidelines for a week or two. Start looking at houses and understand what’s happening in the market, but wait to buy a home until there’s a little bit more inventory. Then there will be much more flexibility in pricing.

Know that I am always here to help you navigate the market and answer any questions you may have. Call or email me anytime—I’d love to help you reach your goals!

Jeff Lang

REALTOR®

Primary phone
(650) 766-6412
License Number
#01221669
Email
[email protected]
Address
1440 Chapin Ave,
Burlingame, CA 94401

About The Author

Jeff Lang's career in real estate is a testament to his strategic, growth-oriented mindset and his dedication to helping clients navigate the unique landscapes of San Mateo County. With his focus on areas from Burlingame to San Carlos and Pacifica since 2011, Jeff has become an invaluable asset to those seeking the perfect balance of urban and suburban life. His appreciation for the county's temperate weather and easy access to a plethora of outdoor activities resonates deeply with his clientele, who seek both the vibrancy of urban living and the tranquility of suburban spaces.

Beginning his journey in commercial real estate in San Francisco in 1997 and later transitioning to residential real estate in La Jolla, Jeff has honed a deep understanding of the industry. Known for his professional, caring, and patient approach, he brings a results-oriented and responsive attitude to every transaction. Jeff's unique strength lies in his ability to outperform competitors by leveraging his extensive experience and education.

Jeff leverages his education having received his JD and an MBA, alongside numerous real estate certifications including Master Certified Negotiations Expert and Certified Luxury Home Marketing Specialist, enabling him to devise winning strategies for each transaction. His approach not only ensures success but also puts his clients at ease, earning their trust and loyalty.

Outside of real estate, Jeff's life is as dynamic and multifaceted as his professional pursuits. His hobbies range from trail running and hiking with his dog to playing golf, tennis, and pickleball, and he's an enthusiastic Peloton user. A proud graduate of law school at the age of 42 and an Ironman triathlon finisher, Jeff's achievements speak to his determination and commitment. These qualities, combined with his professional expertise, make him an exceptional choice for buyers, sellers, and investors—especially in the $2m+ range—who are looking for more than just a transaction but a partnership with a seasoned expert who will turn them into raving fans.

In his over two decades in real estate, Jeff is most proud of partnering with his clients to build the life of their dreams. It helps that Jeff is a negotiations shark, having competed nationally as president of the negotiations team in law school and as a Master Certified Negotiation Expert (MCNE). His MBA and JD also give him and his clients a competitive advantage in every transaction, leading to his listings selling for 4.8% more than the average San Mateo County agent and offers getting accepted 6x more frequently.

If you are looking for an agent who will take on your goal as their own and be relentless in their pursuit of achieving that goal, then you want Jeff as your partner. He’s completed five marathons, including one in Antarctica, and dozens of triathlons, including an Ironman. His passion for taking on a challenge and grinding away to craft creative solutions is unparalleled. Jeff has a natural talent for putting things in perspective, keeping your eye on the prize, and clarifying the strategy to provide opportunities for success in your transaction.

A few of Jeff’s other certifications include NAR’s ePro for advanced digital marketing and NAR’s Green Designations for sustainability in real estate, Pricing Strategy Advisor (PSA) certification, Keller Williams’ BOLD program, and Tony Robbins’ Mastery University. He is also a member of the Institute for Luxury Marketing. These help him and his clients outpace the competition by selling at a higher price and getting offers accepted more often. This track record and partnership continue to provide repeat and referral business, the basis for his growing business.

Reach out to Jeff for a free consultation to discuss your real estate goals. He would be happy to make your goals his and utilize his extensive experience to make it happen.