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We’re currently in the thick of 2022’s market, but we still don’t know what the future holds. Today I want to compare the numbers from January 2022 to those from January 2021. This should give us some insight into what the year has in store for us.
The number of homes on the market in January 2021 was roughly 1,100. That’s about as low as it’s ever been, so let’s see how it’s affected prices and other factors.
In January of 2021, the average sales price was $252,000. The average days on market was 38, and we had about 1.28 months’ worth of inventory. In January of 2022, the average sales price was $273,000. The average days on market was 35, and we had about one month’s worth of inventory.
As you can see, it looks like our current market is actually faster than it was this time in 2021. One thing to remember is that many of these numbers are just averages. For example, if you price your home correctly and work with a good Realtor, you can probably sell your home in seven days, not 35.
Meanwhile, interest rates continue to be at an all-time low. They’ll probably increase this year, but they’ll still be lower than the historical average. It’s still a great time to buy or sell, so take advantage of the market while you can.
If you have any questions about today’s topic, please call or email me. I look forward to hearing from you!
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