Back Home2022 Real Estate Recap
As we now have sales figures for December 2022, I thought I would discuss the numbers for the whole year of 2022.
Comparing 2022 to 2021, the total number of homes sold in 2022 was 1197 compared to 1425 in 2021. This represents a decrease of 16% from 2021. The average sales price in 2022 was $379,990 versus $358,309 in 2021, for an increase of 6.1%. My takeaway from these numbers was that sales are leveling off, but prices remain elevated due to a continued lack of good inventory.
For December 2022, closed sales were down 35.4% from December 2021. However, the average sales price rose 3.6 percent over December 2021. This was mainly due to lack of inventory. Our inventories increased in December 2022 by 24.6% over December 2021. At the beginning of this year, we were up to a 2.5 month’s supply of homes for sale. Although that is an improvement, a balanced market is usually seen as a 5.5 to 6 month’s supply of homes. (A balanced market is neither a buyer’s market nor a seller’s market.)
We continue to need homes to sell. If you’re even thinking of selling your home this year, please give us a call. We can do a Comparable Market Analysis for you at no charge. The market analysis will let you know what your home should sell for in the current market compared to similar homes that have recently sold.
If you are looking for first home, second home, retirement home, or an investment property, please let us help you. We are very aware of market conditions here in the mountains and will put our many years of experience to work for you.
