Single Family Summary
Inventory—The number of available single-family listings continues to decline. It’s down 12% from last month and 37% from the same time last year. Inventory will remain tighter than normal to start the 2022.
Closed Units—Sales have been declining since they peaked in July, but YTD sales remain up 13%. Expect them to finish ahead of 2020.
Values—Price per square foot has been fading since it peaked in June. It has been dropping off at a similar pace to sales. Despite the decline, YTD average sale price and price per square foot remain up 13% and 14% compared to last year.
Summary—Strong year-end new under contract sales activity is keeping inventory levels tight. Competition among under-$400k buyers continues to drive supply levels down—currently below one month.
Condo Summary
Inventory—Condo inventory declined slightly compared to last month, but currently available listings (139) are down significantly from last year’s 241 and 2019’s 255.
Closed Units—YTD sales are up 24% and 17% compared to 2020 and 2019 but last month’s 85 closed units were down from 95 in the prior month and the same month in both 2020 and 2019.
Values—Sharp buyer competition this spring caused prices to rise sharply through the spring. They spiked in June with a $248 price per square foot before settling back to around $220. The tight inventory creates opportunity for sellers with move-in-ready properties.
Summary—Values peaked early in the summer with a concentration of high-end units sold in June. Although prices have settled, there was a 6% YOY increase for the past month.
