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January 2022 Market Report with Andrew Galler
Dated: January 17 2022
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Happy new year everybody, Andrew Galler with the Portland is Home team at Realty Works Group, and I hope you’re having a phenomenal 2022 so far.
So here I’m to give you a market report of the Portland Metropolitan region. But let me just say we’re only looking at part of the area. If you’re looking for more information on wider, or smaller areas, email me right now and I’d be so happy to get that for you.
So in this week’s video, we’re looking at a ton of graphs and charts, but here are the numbers you really need to know as of New Years' Eve 2021.
The number of homes for sale at the end of the year was 322, that’s 36% fewer homes than we had on the market at the end of November 2021 and 19.3% fewer than were available at the end of 2020. So inventory is down precipitously.
The number of homes that went under contract, so their status is currently pending or was currently pending as of New Year's Eve 2021, was 499. That's down 25 homes from the end of November, but it's only down three and a half percent from the end of last December.
So fewer homes available, fewer pending sales, demand though stays very close to the same.
The number of closed homes in December of 2021, 657. That takes the number of homes that closed in December 2021 down 23.3 percent from November and 14.9 from a year ago December.
The average sold price in December 2021 was $636,000 and that's 14.8 percent higher than the year before. So we’re seeing appreciation continuing at a good clip.
Inventory at the end of December 2021 was 0.6 months and that's about 25 less than it was a month ago and about 25 percent less than a year ago and 0.7.6 months 25 percent not a whole lot different.
So, that is the market report. Now then, since it's a new year, I thought I would go ahead and do some prognosticating and give some predictions.
We're expecting to see appreciation slowing a little this year on a percentage basis, but on a dollar basis, not so much. If the average sales price is $636,000 you know that's a lot of money, even at a lower percentage of appreciation. We’re expecting interest rates to rise this year, and that’s going to play a part in the lives of sellers. So right now, there’s never been a better time to sell, with the high demand, the low inventory. Take advantage of this phenomenal market for sellers.
Buyer’s this is challenging news, but it’s not as dire as it sounds. Interest rates are currently low, and we’re expecting a whole lot of inventory coming up. It’s time to get into the market if you’re not in it already.
I’m wishing you all the best in 2022, and the Portland is Home can help you get a little closer to that best in 2022. Call, text, email us if we can be of service to you in any way. If you want a market analysis or evaluation, some more detailed information, or to go out to lunch and just hang out, we’re available.