Monthly Vivante Review, 1st August, 2022.

There were no new listings in Vivante during July and there are none currently pending. There were two closings during the month; 9449 (1,698sf) sold for $500,000 or $294psf and 8946 (2,428sf) sold for $799,900 or $329psf. So it remains very quiet in 2022’s Summer months. In such an inactive market, it’s difficult to say whether list prices are too high or even if prices were to be reduced further, buyer’s interest would increase. They may be holding off from making offers, hoping to take advantage of lower price levels they expect to come. Of the nine listings today, 5 have already been reduced, so we might have to wait until the season starts again around Thanksgiving before we see any trend either way. Quite obviously interest rate increases by the Fed have dampened demand in the property market as a whole, but actual mortgage rate rises seem to be lagging the Fed’s lead. Fed funds were at ¼% six months ago and are now at 2½%; according to Guaranteed Rate Affinity, Friday’s 30 year fixed rate was 5⅜%, compared to 3¾% in January.  But, I have seen a few more showings of my listings in recent weeks, which is encouraging as there were pretty much none in the prior couple of months. Buyers willing to suffer 90°+ and humidity are serious – they may well be doing themselves a favour with inventory as low as 2.6%.