Here’s what the latest numbers tell us about our market’s future.
We just got the latest numbers from our real estate market from April 2022. Let’s take a look at what they say and what it means for the future of our market.
Residential transactions are down 41% year over year. In April 2021, we had 13,613 sales, while in April 2022, we had 8,008. When we compare April 2022 to March 2022, sales are down 26.2%. This is unusual since the spring is typically when things pick up.
The average sales price increased by 15% year over year. However, the average price is down 6.4% month over month. In March 2022, the average price was $1,285,534. In April 2022, it was $1,202,819. As you can see, our prices are already being affected by the lower number of sales.
For new listings, our market is down 11.7% year over year. Meanwhile, the sales-to-new-listings ratio is down 22% year over year. In April 2022, the average days on market was 11. In April 2021, it was 10.
What does this all mean? We think our market is beginning to shift, and the main culprit is our rising interest rates. Some buyers have left the market because they can’t afford our higher rates. Also, we’ve heard that some people are backing out of new construction deals. They were approved for a new home three years ago, but with our higher rates, they have to move on.
We’ll continue to monitor our market and let you know what’s happening. If you have any questions in the meantime, please call or email us. We are always willing to help!