When I was pulling up the old video of this same week in April 2021 to see Ruby as a puppy I happened to also notice the stats for that week. Although the market seems heated now it is significantly slower than it was that year.
Just looking at this week and comparing to the same week in 2021 our listings are down by 28% and our pendings are down by 36%. That market was certainly over heated. For year to date closings in 2021 we had 530 closings and this year we have had 372 closings. That’s 30% fewer closings this year compared to 2021.
But one thing is up–price. The average sales price this year is $375,000 where it was only $327,000 in 2021. That’s over 8% in two years. Not a crazy amount compared to some parts of the country. But think about this…..say a VA buyer purchased an average house in 2021 for zero down. That house today is worth almost $50,000 more. On an initial investment of what…zero? How do you figure that percentage?
We will see you next week…