Summary
The fierce buyer competition seen in the early months of this year have been a tough act to follow. Spring bidding wars caused average sale price and price per square foot to peak in June at $319k and $178 (see chart above). While prices and sales have tailed off slightly since, YTD closed sales, average sale price, and price per square foot are all up—7%, 14% and 15% respectively. Prior to the pandemic, demand was high and supply low. The sudden need for home offices and temporary home schooling shot the already-high demand through the roof. Over the past year and a half, most buyers who have had an urgent need to move have by now done so. As demand normalizes, expect prices to settle and stabilize.
