When it comes to real estate, there is a constant ebb and flow in the market. It is fascinating to consider the various factors that drive the market and create the results we see playing out each year. When we “run the numbers” and compare where we are at now with this same time last year, we really get a clear picture of the trends that have taken place and the trajectory we are on.
After the housing market hit a 15-year high in home sales in 2021, we were all eager to see what 2022 would bring! I pulled together figures that span all price ranges and cover Peoria, Tazewell, and Woodford counties.
- Year to date over 2021 we are down 11.7% in listings.
- Pending sales right now are down 16.8% over last year and closing sales are down 14.0%.
- The cumulative days on the market decreased by 43.8%, which means that it has taken less time to sell homes once they are on the market!
- The average sales price has increased by 10.4% over 2021.
- At the end of June 2022 there were 796 active listings compared to the end of June 2021 we had 1,041 active listings so this decreased by 23.5%.
As you can see from the statistics, low inventory continues to be a defining factor. However, inventory is gradually growing again as the market is cooling off just a little bit and doesn’t have quite the same level of intensity, especially in the upper end homes.
Home prices are still rising, but not at the same steep incline that we were seeing at the beginning of last year. As we are still seeing historically low mortgage rates (although higher than the last two years), there is motivation for buyers to enter the market, thus increasing the housing demand. This is another contributing factor to perpetuating the competitive market we are currently seeing.
What a time to be a realtor! It has been my pleasure to work with clients in this exciting market over the past year and a half especially. I look forward to what the future will bring for the real estate market, and to unlocking new doors with you as we navigate the ebbs and flows together.
If you have any questions for me about the current state of the market, and what it means for you and your family, please do not hesitate to reach out! I am more than happy to share more specifics and offer advice on the best way for you to navigate the housing market and meet your personal housing goals.