Market watch May 2022
The first four months of 2022 have fallen 8.5% off the 2021 pace with 1446 fewer closings than the first last year at this time. Available SFR inventory improved by 2995 units while listings taken in April were approximately 140 more than in March. The SFR market increased slightly to 1.0 months of available inventory even as the condo and townhome segment rose to 0.8 months of inventory. The average days on market fell to 17 days.
The median sales price of SFR closings jumped yet again from $460,000 to $475,000 for a one-month gain of 3.3% while the SFR average closed sales price soared from $560,496 to $586,642 for a one-month increase of 4.66%. This was fueled by the high end and luxury market closing strength in April where the luxury market set another record with 218 closings of one million dollars or more. Strong activity at the higher price points with continued contraction of the lower price points drives the median sales...