Market Snapshot – March 2022
Apr. 28, 22 | Market Updates
Who would have thought that when we had the March Break that the housing market also got the calendar invite and took a break too, because for the first time in the last four months we saw a dip in sold prices despite the increase in housing inventory.
Cambridge Association of Realtors reported 178 total units sold in March 2022 for single detached homes, which is up from 103 the previous month. This increase to the amount of inventory will directly reflect the average sale price, because as the inventory goes up, buyers are no longer in the same competitive environment they were once in as they now have more selection.
If you want to put this into perspective a little, when we look at the overall properties sold for March 2022 we saw a total of 259 but in March 2021 we had over 400 properties sold. This time last year I can recall news headlines that highlighted a booming market and now one year later, our market continues to be strong. However, with the recent news of rates increasing the news headlines seem more doom and gloom, but the market is anything but that today.
Further to this, and one more point to add before you start to get too worried, is that a one-month dip does NOT indicate that the bubble has popped. Based on historical trends over the last almost 50 plus years we have seen two and now three spikes in the housing market followed by a plateau. So, what we need to consider with the data we analyze in today’s date and time is that our population is the biggest it has been and with anticipation of immigration to add further to this, we will continue to see more buyers than sellers, which will continue to support and drive the prices.
Year over year we have continued to see growth, which is important to keep in perspective.
If you want to discuss what’s happening in the market, or maybe the process of buying or selling, I am always ready to have that conversation. All you have to do, is reach out by filling out the form and we can chat more over coffee.