With Unit Sales down 18% from February 2021, many are asking if the Market is cooling down. My take – this isn’t a signal that the market is ‘cooling’, but simply that less people are willing to move. Rising mortgage rates and overall uncertainty with the economy may discourage people from selling. This results in more buyers crowding into the already limited space and will continue to drive the prices up!
The Impact On Your Home
So Sales Volume was up .. but what everyone wants to know is the Average Sale Price. Sellers in February 2022 enjoyed an Average Sale Price of $1,130,002 which is up 43% from 2021.
The Shake Down For Each Sector
Single-Family Homes
Average Sale Price ⬆️ 41% to $1,283,908 from 2021
22 Average Days On Market ⬇️ 4% from 2021
Sales Volume ⬆️ 31%
Condominiums
Average Sale Price ⬆️ 24% to $649,458 from 2021
28 Average Days On Market ⬇️ 32% from 2021
Sales Volume ⬆️ 13%
Townhouses
Averages Sale Price ⬆️ 48% to $856,231 from 2021
13 Average Days On Market ⬆️ 23% from 2021
Sales Volume ⬆️ 17%
Download SGB February Market Reports
Have Questions?
Text, Call, Email – I’m here to explain how the Market will affect your unique situation and how I can help you.
