We hope you had a Merry Christmas, Happy New Year and a Happy Holiday season! As is typical this time of year, the real estate market seemingly took a bit of a “holiday break” in December as well, but even slower months give insights into the market.
Only 17 new listings were introduced to the market in December of 2021, and while the number of sold listings dipped to 45, the number of solds out paced the new listings by 28. That brought the number of active listings to a quarterly low of just 63 listings on the market at the end of December — a normal sign of the season.
The houses that were introduced to the market skewed toward a higher price point, as evidenced by the $319,000 median list price. Conversely, the median sale price of houses in December was $252,000, also the lowest of the fourth quarter.
Another sign of a seasonally adjusted market was the average days on market jumped to 41 days, the highest since the beginning of the 2021 year when January, February and March all had an average days on market of over 50.
We expect that as we begin the new year, families and individuals who were ready to sell but didn’t want to as the Holiday season arrived, will be more willing to make a move now that the new year is here. As we hopefully add more new listings to the market, interest rates are still hovering just above 3%, so if you’re thinking of buying a house, securing that low interest rate now would be in your best interest.