Looking back at the numbers from 2021 and sharing some 2022 projections.
The questions I get asked most frequently are “How is the market doing, and where do you think the market will go?” I get it; everybody wants to know about real estate, and they should want to know! The real estate market affects their housing and the economy as a whole, so it matters to everybody. That’s why I spend a lot of time researching the numbers and understanding exactly what’s going on in our backyard. This way, I can give out the best possible information about our market, and you can make the right decisions for your family.
With that in mind, let’s look back at 2021 and see what happened:
- There were 7,505 new listings. In 2020, we had 7,324 new listings, so it was slightly up last year.
- We had 6,550 closed residential sales. Again, this is slightly above where we were in 2020.
- We had an average of 53 days on market. That’s down from 80 days in 2020, which is an astonishing drop.
- Our median sales prices went up by 13.8% from 2020 to 2021.
- The percentage of list price received was 99.2%.
- We have 1.8-months’ supply of properties. The National Association of Realtors tells us that six months of supply is a balanced market. Anything above six months is a buyer’s market, and anything less than six months is a seller’s market.
Let’s look ahead to 2022. Interest rates are on the rise; we’ve already seen some increases. If you’re looking to sell, now is the time. As interest rates go up, buyers’ buying power will go down, which will impact the price of your home. For buyers, get off the fence if you’re still on it. Interest rates affect your buying power more than anything, even rising home prices. Don’t let these rising rates price you out of the market.
Our market inventory will stay super tight this year. Sellers should get out there now so that you’re the first listing these buyers will see. Buyers should also start today to make sure they have the most options to choose from.
If you have questions about this market, don’t hesitate to call or email me or my team. We love helping people accomplish their real estate goals.