Closed Sales
Closed sales for the 12-month period ending March 31, 2022 were up 3.19% from the preceding 12-months, from 35,264 to 36,390. The 3,171 closed sales during the month of March were only exceeded by March of 2021 when 4,593 sales were posted.
Listing Inventory / New Listings
2,456 properties were available as of March 31, 2022, down 12.82% from the same date in 2021 but up 22% from the 2,008 properties posted at the end of February. Months of supply, at .81, was down 15.51% from the year prior. New listings during the twelve months ending March 31, 2022 were down 3.22%, from 37,049 to 35,857. New listings for February were down 7.37% compared to the same month last year, but reflected the highest number of monthly new listings since January of 2020.
Average Selling Price
The average selling price for the 12-month period through March 31, 2022 was $670,785, up 20.95% from the preceding 12-month period when the average selling price was $554,574.
Summary
Although the pace of sales has slowed since their peak in 2021, the 3,171 closed sales for March 2022 exceeded any month preceding the pandemic-induced surge we experienced from mid-2020 through 2021. The increase in new listings in March were welcomed by buyers and, although the 4,106 new listings for the month were the most we’ve seen for any month since early 2020, they are directly in line with the rate at which listings entered for March in the years preceding the pandemic. With new listings entering the market at a more normal pace, and with sales having cooled down somewhat from their earlier feverish pace, listing inventory has posted slow but steady increases in recent months. However, with 2,456 properties available at the end of March, we are a long way from the pre-pandemic level of just under 13,000 properties posted in January of 2020, a number which was considered to have reflected a slight undersupply at the time.
Click here for the full report
