Real Estate Market Update

What Does This Mean for Single Family Homes Buyers?

Prices have skyrocketed in city limits.  Many home buyers are experiencing appreciation at a fast rate.  The number of homes going under contract has greatly gone up and the lack of new listings hitting the market are stoking bidding wars.  The list price to sales price has actually slightly decreased, but some of this may have to do with the age of homes that were purchased during this time period, or people got a little lucky with a slightly slower Christmas market. Christmas was still great so do not think it was a slow time, investors tend to get anxious when their homes sit on the market for a week or two.

•   Average Sales Price for Single Family Homes have gone up a whopping 43.9% with the average single family home price being over $945K
•   Closed Sales were up by 40% for Single Family Homes
•   Inventory of Single Family Homes for Sale has seen a decrease of 33% since January 2021
•   The Percent of List Price Received for Single Family Homes is now at 98.2%, a slight decrease from last year by 1.7%

What Does This Mean for Condo and Townhome Buyers?

Condo and townhomes are also going over asking price these days.  The inventory for condo and townhomes is actually up this year, and pending sales are up by 32% from this time last year.  While closed sales have gone down by 9%, but big picture is, it’s just a matter of time.  With the high number of pending condos and over asking prices show you the buyers are active and maybe the inventory just hit the market a little later in the month than normal.

•   Condo/Townhomes which are now receiving 101.2% of list price. That's an increase of 1.1% from last year!
•   Closed Sales Condo/Townhomes have decreased by 9.1% in the last year
•   Inventory for Condo/Townhomes for sale has increased by 17.6%.
•   The 33.9% Average Sales Price for Condo/Townhomes increased 33.9% making the average sales price just over $565K

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