July 2022 Market Update

Most notably, the first quarter of 2022 saw sales volume return to more average levels, with April and June 2022 having the lowest number of sales in the prior 5 years. This is highlighted in the graph below. Additionally, we are seeing even shorter marketing times as the velocity of the market continues to be very strong.

June 2022 Market Update

It is most notable that there is a significant shortage of homes in inventory, which is putting upward pressure on sales prices. It is also significant that sales volume is returning to pre Covid-19 levels, though sales prices are still up significantly year-over-year. This could be a potential indicator of the market moving closer to a state of balance as higher interest rates push some buyers out of the market. 

May 2022 Market Update

It is most notable that there is a significant shortage of homes in inventory, which is putting upward pressure on sales prices. This is most likely due to the combination of pent-up demand being released as well as buyers pushing to get under contract in anticipation of rising interest rates. It is also significant that sales volume for the month of April is at a 5-year low and the rate at which home values are increasing is slowing. This could be a potential indicator of the market moving closer to a state of balance as higher interest rates push some buyers out of the market. 

April 2022 Market Update

Most notably, while sales volume is up 3.8% year-over-year, the first quarter of 2022 has seen sales volume return to more average levels

February 2022 Market Update

For the most recent twelve months (02/01/2021-1/31/2022) the MLS reported 2,121 sales with a median sale price of $180,000 and a reported average marketing time of 44 days.   For the prior twelve months (02/01/2020-1/31/2021) the MLS reported 1,945 sales with a median sale price of $172,500 and a reported average marketing time of 83 days.  This shows an increase in the number of sales of 176 homes or 9.0%. The median sale prices saw a 4.3% increase. There are currently 138 homes on the market with an average marketing time of 127 days.  This results in a 0.7-month supply of homes in inventory, which is a significant shortage relative to historical supply demand relationships in this market.