* The median price ended the year at $512,013,. A 15.2% increase from the year before.
* 17,384 homes sold in 2021 That is 5.9% higher than the 16,421 sold in 2020.
* The market is favoring sellers because there is a lot of buyer competition going after the few homes that are available for sale. Right now there is less than 1 month of housing inventory. A “normal” or “balanced market” is considered around 2— 3 months worth of inventory. I expect our market to stay below 1.5 months of inventory for most of the year.
* It is a VERY competitive market right now. Favoring Sellers. There is high demand (a lot of buyers) and low supply (not many homes available for sale). This supply/demand dynamic is creating a lot of competition, multiple offers and increasing prices for the time being. The homes that are priced right, show well and have great marketing are having INCREDIBLE success!
* 2022 looks like it should be similar to 2021: low supply of available homes, high buyer demand and prices increasing due to buyer competition and historically low interest rates
* A few wild cards to make this years crystal ball cloudy: interest rates (will they stay below 4% or go up even more), supply (with prices so high will more owners finally “cash out”?)
