February 8, 2022
This week, we saw significant gains, and the gap between sales and new listings closed ever so slightly.
But does this mean we are turning a corner for our market towards something more balanced?
Far from it!
This week we saw sales increase to 725 sales, which is a 10.5% increase. New listings soared with an increase of 35.1% to 1,032 this week while active listings grew by 8.89% to 2,854.
We are still well below our supply number from the previous year and 2020 and sales are still outpacing the number of new listings onto the market, creating a sustained deficit in the market.
As for price, we have seen both the median and average prices grow 7.45% and 6.60% respectively week over week to a median price of $505,000 and an average price of $548,266.
These increases in price are due to the extremely low amount of inventory and the number of offers received on each property available ultimately bidding up the price.
We could be seeing this last more long term as low numbers of inventory will plague the market for some time. This is due to the time it takes to get homes ready for sale as well as the duration of projects for new construction, we can expect prices to remain or steadily increase.
If you have questions about the market or considering selling, check out my seller's guide by visiting the link below. I'd love to connect and go through your options for the sale of your property.
Until next time, take care!