March Market Update
AVERAGE SOLD PRICE:
March 2021 – $615,289
March 2022 – $712,295
We have broken through the $700,000 barrier for the average sold price for the first time! We also are seeing a 15.8% increase from 2021.
MONTHLY INVENTORY:
March 2021 – 0.7 inventory
March 2022 – 0.5 inventory
We saw monthly inventory stay at 0.5 for a second month as we see more houses coming on the market, but we also see an increase in the number of buyers looking for a home.
ACTIVE HOMES:
March 2021 – 4,240
March 2022 – 2,681
We broke the five month decline of active listings, but only by an increase 5.5%. As mentioned above we are also seeing a higher number of people searching for a home, so our increase is washed out by the current demand.
DAYS ON THE MARKET:
March 2021 – 25
March 2022 – 17
As the competition continues to heat up, we expect this number to continue to drop as we saw last year. Year to year this only shows a eight-day difference in days on the MLS, but combine it with the other data in the market report and we see the Real Estate Market only getting hotter. Also for the first time since December, we are seeing a dip below 20 days on the market. Keep in mind that these numbers are swayed by larger homes and remodel projects.
THE TAKEAWAY:
As expected, we saw home prices continue their incline from last month and do not expect the prices to drop anytime soon. We are finally at the point where we normally start telling buyers to wait. Rates are on the rise though and it complicates things for those looking to buy. We are advising those that can wait to wait, but if rate is a big factor in your ability to buy a home it may be smart to make a move now.
Sellers, it is time to start looking at selling your home. Give us a call and we can talk through some things that might help boost the value of your home and when the best time for you to sell might be.
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.