Breaking Down the March Market Numbers
Here are the relevant numbers you need to know in our market from March.
Today I have a quick real estate market update on what we saw in March 2022. Let’s start with inventory. We had 2,221 properties listed by the end of March, which is a whopping 80% increase month over month and a 16% increase year over year. The increased supply is a welcome sight for homebuyers.
As for closed homes, the 4,440 we had represented a 27% increase month over month but a 16% decline year over year.
The average sale price is now up to $705,812. That’s a 9% increase from February and a 19.9% increase from March 2021.
As we see more inventory hit the market, buyers will have more options. However, demand remains extremely high. Rising rates will affect affordability, so that’s something to keep an eye on. Another thing I wanted to mention was unemployment. Jobless claims dropped to a 52-year low in mid-March.
"It looks like the market may be shifting."
The most inventory we’ve ever seen in March was in 2006 when we had over 27,000 properties available. What was the lowest? Last year, when we had just around 2,000 homes for sale. The normal seasonal increase in inventory from February to March is typically about 6%. This year, we saw an 81% increase. It looks like the market may be shifting.
If you have any questions about the market or real estate in general, don't hesitate to reach out via phone or email. I look forward to hearing from you soon.