Here’s a brief end-of-year real estate market update for Central Virginia.
As we head toward the end of the year, I’m sharing how our real estate market is doing and where we’re headed in 2022. We’re going directly into the Central Virginia Regional MLS to look at some of the latest numbers.
Let’s start with the average sale price. At the beginning of 2021, it was at $321,733. It precipitously rose through the middle of the year, and we hit a high of $367,966 in the summer before dropping back down later into the year. Right now, it sits right around $359,000.
The bottom line is that our lack of inventory is the cause behind these price increases. In January 2020, we sold 4,001 homes. In January 2021, we sold only 2,126. The big reason behind this is that there just weren’t as many homes available for buyers to purchase. That drove prices up, and that inventory doesn’t look like it will go back up anytime soon.
We don’t know where the market is going, but we do know that it’s definitely changing. The list-to-sale price ratio measures what homes have sold for compared to their original list prices. In January, we were a little over 100%. Then in May, we jumped up to 104%. Then it started to gradually go down, and now we’re at 101.5%. That’s a tell-tale sign of the market softening and changing. I don’t know where it’s going, but I do know one thing: Sale prices are very strong.
Here’s the thing: I believe we’ll see the same type of activity as we go into 2022 based on the fact that there still aren’t a lot of available properties for sale. If you’re a seller, the positive is that you’re probably going to get a very high price for your house. We have data that shows it’s a great time to get your home sold for top dollar. If you’re a buyer, you can still take advantage of rates in the 3.2% range.
If you’re looking to sell and buy, how can you set it up so you’re successful? We’ve had a lot of success selling properties off-market. We found buyers for many of our sellers without having to put their homes on the market. These buyers can meet the seller’s needs in price and flexibility to give them the time to find their new home. This situation puts you in a great position as a buyer because your home is already sold.
If you’re thinking about selling, I’d be happy to do a Comparitive Market Analysis and let you know what your home is worth today. I might already have a buyer in my back pocket who can give you what you’re looking for.
If you have any questions about these numbers, the market, or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.