What Were The Actual Numbers…

The total number of sales for December 2021, the last complete month available was 2,974. That is a drop in volume, directly related to inventory changes year over year, of 17.5%. The overall median price was $935,000, an increase of 17.5%. (All numbers are year over year for December 2021 and 2020. Next month will have January, etc.).

Single-family resale had 1,950 sales, which was down by 13.1%; median SFF1 price was $1,100,000, a strong 23.7% appreciation year over year.

Condos had 798 sale, a steep drop of 21.8%, but prices rose to an amazing $659,000, for 19.9% rise in median price.

Finally, new homes had 226 sales, a plunge by 33.5%, and median price rise to $1,133,000, up 29.6%!!

Monthly payments reflected the steep rise in prices and also feathering in the beginnings of rate hikes, with more being promised by the Fed to battle our steepest inflation in years. Rates, which have been artificially maintained to first get us out of the Great Recession, and create stimulus, and then kept low longer through the pandemic, have to start floating to reflect economic conditions. The average monthly payment went from $3,448 to $4,109.