February 2022 Newsletter / Market Update
Updated: Feb 18
Average Sales Price Up .63% Since December
Number Of New Listings Up 44% Since December
Average Market Time Up To 38 Days
Sales prices have continued to climb into the new year. As a whole, we are seeing a gradual rise at a more predictable rate.
New listings have risen significantly as we pick back up from the holidays and those planning to sell in 2022 begin to take action.
Mortgage rates for 30/yr fixed are moving towards 4%. Current forecasts point to rates in the low 4% range for the coming future.
*Although rates are rising, these numbers are still historically very low.
Many would-be buyers and sellers are turning to alternatives while they wait for the market to curb its competitive edge. For some this means remodeling their current home to increase value for a later date. When updating your home, it’s never a bad idea to consult with a realtor. While the updates will increase the value of your home, they generally will not return 100% of the costs.
*The following diagram is a generic example of % return on certain updates.