Two Important Market Factors
The current storm of market factors is creating this wild seller’s market.
A lot has happened in the market in the last 30 days. That means it's time to update you on the February 2022 real estate market. Today we’ll share two big topics.
First, supply is really tight. This February, we were down to 2,367 units. That's 14 fewer homes for sale this year than at this same time last year. The pace that homes come on the market is also down. That's not an encouraging trend.
Second, prices are up again this month. The median single-family home price reached $450,000. That’s $20,000, or 5%, appreciation in just 60 days. We projected that level of increase for the whole year, not just two months. That's going to change a lot of our projections; we thought a median price of $500,000 might be a stretch, but it's looking very possible.
"Supply is tighter, and prices are higher."
What does this mean for you? Between rising prices and rising interest rates, now is the time to act if you’re thinking about buying this year. For sellers, prices are going up, which is good, but as interest rates rise, buyers’ affordability will suffer. When you combine this with inflation, the war, and supply chain disruptions, sellers may want to consider capitalizing while the opportunity is still here.
If you have any questions, don’t hesitate to reach out to us by phone or email. We look forward to hearing from you.