Single Family Summary
Inventory—Single family home inventory continues to decline month over month, it’s down 13% and remains down 37% from last year.
Closed Units—Sales have continued to decline month over month after peaking in June. Strong activity earlier in the year has YTD closed sales up 12%.
Values—Average sales price is up 13% but has been tailing off over the second half of the year. Limited inventory has held off some of the typical year-end decline.
Summary—Following 2020’s strong third and fourth quarter finish, it appeared 2021 was moving toward a typical year-end fade. However, prices leveled out with average price per square foot holding at $207 for each of the last three months of the year. Look for low supply and high demand heading into 2022. Prices will again rise as fresh new inventory arrives on the market.
Condo Summary
Inventory—Condo activity picked up in 2021 after a down year in 2020. This uptick in sales has caused a pinch on inventory, which is down 47% compared to the same time last year.
Closed Units—YTD closed sales are up 21%. The greatest sales activity was focused between April and August. Monthly sales have been declining since.
Values—Average sales price is up 12% for the year. Prices peaked in June before falling off through the third quarter. They rallied briefly before leveling back off.
Summary—Condo sales were flat in 2020 while 2021 was hot from the start. The lack of inventory will continue to create a bottleneck that will limit sales activity heading into 2022. Expect high demand and limited inventory to fuel a rise in prices, especially when fresh inventory begins to arrive early in 2022.
