Thursday, January 20, 2022 / by Sarah McGarry
As we analyze 2021 we have some interesting findings. The important thing to remember is that we are comparing 2021 to 2020 which was a historical year, in several capacities.
Our first statistic is total homes sold (year to date) which comes as no surprise that the market has absorbed more homes in 2021 than in 2020. The second stat is also not surprising, the market absorbed these homes faster than in 2020. Analyzing these two market conditions we come to our third statistic review, average sales price. Basic economics, supply and demand, when more homes are consumed at a quicker rate the average sales price will also go up. However, our last stat tells us that we have more inventory in circulation than we did a year ago.
Let's see what 2022 brings! Higher inventory numbers leads us to believe that the average days on market and average sales price should also show a slowdown. As we approach the Spring and Summer seasons more home buyers tend to enter the market.
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