Our First 2022 Market Update
by: lauren, on January 11, 2022 - Uncategorized
Here’s our first 2022 market update to get you started on the right foot.
We’re starting off this new year with a real estate market update. Last year, in the first two weeks of January, the market began to ramp up, and again this year, our spring selling season has already begun. If you’re considering putting your home on the market, you may want to do so now because we’ve found that a massive amount of inventory comes onto the market around this time each year—it increases between 20% and 25%.
In Ocean City, there are currently about 220 listings for sale; last year, we ended with around 192. Inventory is up at the moment, and we expect more to come onto the market soon. From October through December, inventory was way down compared to 2020. However, we had a 1.3-month absorption rate at this time last year, and right now, we’re seeing about three months. So the market isn’t presently as strong as it was in January 2021.
“Our spring selling season has already begun.”
What am I saying with all these stats? The frenzy of pandemic purchasing has dissipated. We still have very low inventory, but not as low as before, and we’re expecting fewer sales this year. Our most savvy sellers are getting their homes on the market now, buyers are getting into homes, and interest rates are still low.
If you’re considering selling and wondering how much you can get for your home or have any other questions, give us a call directly or send an email. We’d love to be your real estate resource. We’re looking forward to another fantastic year.