April Market Update
AVERAGE SOLD PRICE:
April 2021 – $644,325
April 2022 – $750,949
Just like last month, we are seeing an increase in average sold price and are staying above the seven hundred thousand mark. 2021 to 2022 we saw a 16.5% increase in value which is even a bigger jump than last month’s 15.8%. We expect that we are in the peak of the market right now and will see similar jumps during next month’s update.
April 2021 – 0.7 inventory
April 2022 – 0.6 inventory
We saw a increase in the number of active listings, which we will discuss next, so the monthly inventory actually increased from last month’s 0.5 to 0.6. As we hit the peak of this market we expect a slight increase, but not too much change in this hot market.
April 2021 – 4,318
April 2022 – 3,386
Two months of inventory increases! This increase kept us going as we also saw an increase in the number of buyers looking for a home. We expect the number to increase for probably one more month as we go through the peak, but don’t believe this will continue for very long.
DAYS ON THE MARKET:
April 2021 – 20
April 2022 – 15
Another decrease from last month as we saw the number of days as we saw a 13.33% drop in the days on the market. As we enter peak market conditions, we expect to see this number drop again. Please keep in mind that these numbers are swayed by larger homes and remodel projects.
Rates are climbing and prices are climbing! This is probably the first time that we at Legacy have advised all interested parties to make their moves now. Buyers should look now so they don’t get priced out by the rates and price increases. Sellers should sell, because we expect a slowing of the market as buyers get priced out. Investors should buy as we expect prices to continue climbing and the earlier you get in the better!
Curious to know more about the market in your neighborhood or community? Give us a call!
Please keep in mind that every real estate transaction is different, but we are always happy to sit down and have a conversation and help you look at your options for buying, selling, or investing.