How Has the Market Changed in the Last 4 Years?
Here’s what you need to know about the latest statistics from 2021.
It’s hard to believe we’re already in 2022! Many people take the new year as an opportunity to reflect, and we want to do the same. We’ve pulled three important market statistics from 2021 so we can do year-over-year comparisons all the way back to 2018.
The first stat we want to look at is the months’ supply of homes. This number measures inventory, and it refers to the number of months it would take for every home currently listed to sell. In 2018 we had 3.2 months’ supply of homes, in 2019 we had 3.2, in 2020 we had 2.1, and in 2021 we had 1.2. Keep in mind that six months of supply is considered a balanced market, so these numbers are crazy. We expect these numbers to climb slightly soon since people will be preparing their homes for the spring.
We can see a big difference between our pre- and post-pandemic markets.
Next, let’s take a look at the average sales price. In 2018 it was $290,000, in 2019 it was $299,000, in 2020 it was $336,000, and in 2021 it was $366,000. Just like with months’ supply of homes, we can see a big difference between our pre-and post-pandemic markets. It will be interesting to see how much homes appreciate this year.
The last statistic we want to talk about is the average days on market, and it measures how long it takes a property to sell. In 2018 it was 86 days, in 2019 it was 92, in 2020 it was 64, and in 2021 it was 52. The pace of our market keeps increasing. One thing to keep in mind is that these numbers track the end of the year, which is typically the slowest time. If you go back to spring, these numbers will all be much lower.
The bottom line is that our market is great right now for sellers, and things look like they’ll get better soon for buyers. If you have any questions for us about today’s topic, please give us a call or shoot us an email. We’d love to help!