The sales price average in Wubdsor MLS is down 12 1/2% from the 1st of January. Peaked at $700,000 in March and is now stabilizing at $567,000.
One thought is that buyers were knowingly paying more than the appraised value for the past five years due to fairytale low interest rates. Mortgages need to be renewed every 5 years and as the note becomes "due" with the higher interest rates, many will have to sell as their mortgage payments double!
See the statistics published attached.
Thanks
Tom
