Residential Sales Summary
1st Quarter - 2022
Total Residential Sales: The first quarter has come and gone and the real estate market activity is perking up. Despite the extreme lack of inventory, we still saw a relatively normal number of sales this winter. There were 258 residential sales in the 1st quarter (98 in March), which is about 4% below the 5-year average (268 sales) for the quarter and just slightly above the 10-year average (256). Homes that come on the market are mostly selling fast, with a median of 11 days on market for the 1st quarter, and just 9 days in the month of March.
Median and Average Sales Prices: Sales prices continue to appreciate. Comparing Q1 2020 to Q1 2022, the average sales price of a single-family home has jumped from $1,168,175 to $2,363,205 (a 102% increase!), and the median has jumped from $727,500 to $1,375,000 (an 89% increase). Over 30% of single-family sales in Q1 were over $2 million, including 17 sales over $5 million, 10 over $10 million, and 1 over $20 million. For comparison, in Q1 2020, just 9% of sales were over $2 million, including 4 over $5 million, and 0 over $10 million.
Active Residential Inventory:
Active Listings: We are up to 110 residences actively for sale (80 single-family homes and 30 condos), after bottoming out at around 80 last month. This is a bit of an early uptick in the number of homes coming on the market, as it usually starts in late April or early May. That said, inventory is still at the lowest levels we have seen historically, around 1/5th of the 10-year average for this time of year. If you are looking to sell, there is still very little competition in most neighborhoods and most price ranges.
How did inventory get so low? The biggest factor has been incredibly strong demand. Buyers have been whacking away at the inventory at a record pace since May of 2020. The supply side has also contributed. We are now at 11 consecutive months of the number of new listings being below the 5 and 10-year averages for that month. The 116 new listings in March mark the third lowest March total in 10 years. Overall, the number of new listings during the last 11 months is the lowest for that period in 10 years, 22% lower than the 5-year average for the period and 20% lower than the 10-year average.
Current Pending Sales: The number of pending sales is down slightly at 120 (from 123 last month). About 95 residences went into contract in March (up from 75 in February).
Current inventory represents a little over 1 month of supply relative to March activity.
Sales Under $500,000: In Q1 there were 19 residential sales under $500k, representing 7% of total sales. In the same period in 2021, 10% of sales were in this range.
Mid-Range Market Sales $500,000 to $999,999: Year to date, 92 residences sold between $500,000 and $999,999, representing 36% of total sales. For the same period in 2021, 45% of sales were in this price range.
High End Home Sales $1,000,000 to $1,999,999: 89 residences have sold between $1m - $2m, representing 34% of total sales. For the same period in 2021, homes sold in this price range represented 28% of total sales.
Luxury Home Sales Over $2 Million: 56 residences have sold for over $2 million, representing 23% of sales. For the same period in 2021, 35 homes sold over $2 million, representing 17% of sales.
