How the first quarter of 2022 compared to the first quarter of 2021.
Today I’m going over my report on what happened in our real estate market in the first quarter of 2022. How did we do, and where will things go in the second quarter?
Between January and March 31 this year, a total of 4,149 homes were sold, including condos and townhomes. It took an average of 21 days to sell a property. The average asking price was $882,000, and the average sale price was $920,000—a 4.25% difference. Given that difference, you can tell that our market is experiencing a lot of bidding wars where buyers end up exceeding the asking price.
So how does this compare to last year? In the first quarter of 2021, 4,530 homes were sold, and it took on average 26 days to sell a property. The average asking price was $753,500, and the average sales price was $763,500, which is a 1.4% difference. That shows us that the bidding wars have intensified in the last year.
Year over year, there was a 20.6% increase in the average home price. The consensus in the field is that the bidding wars are here to stay for the foreseeable future as long as inventory is low. Supply decreased since last year, causing prices to rise. Data shows that fewer homes sold this year, but the market is still very, very competitive.
If you have questions about this data or anything else to do with real estate, don’t hesitate to give me a call or send me an email. I’d love to speak with you.