There are 245k households in Kent County. The question is how many will choose to move in 2023? For the last 43 years an average of 4.6% of households chose to move every year. By the way, this is also a great number to remember when you are evaluating the ROI on your marketing programs. In peak years this number has grown to 5.2% of households and in down years, like the great recession, it shrank to around 4%. Even at 4% level, that is close to 10,000 homes sold in our market. The good news is even if the market shrinks to 9,000 sales there will still be more sale volume in the market than in 2019, which I know many of you thought was a very good year.
What we have also seen in the past is when a market tightens and the amount of sales decreases, the most focused, educated and productive agents garner the highest shares of the remaining business, making it tougher for marginal producers to stay competitive. The end of 2022 is no time to coast if you want to compete in 2023. Keep elevating our industry.
David Veldkamp
Owner | RE/MAX GR
Mobile: 616.460.6123
Office: 616.957.0700