Real Estate 2022 - What To Expect This Spring

What To Expect This Spring

Last year's housing market was fast-paced and competitive. Low inventory is severely affecting the housing market. Buyer demand remains high, that combined with low inventory is driving a competitive purchasing market and increasing prices. In February sales were down 4.1 percent, marking the fourth consecutive month transactions fell.

Lawrence Yun, NAR's chief economist, says the reason for the decline is simple. "Pending transactions diminished in February mainly due to the low number of homes for sale," Yun said. "Buyer demand is still intense, but it's as simple as 'one cannot buy what is not for sale.'" Fortunately, there are expectations that the inventory of homes for sale will improve this year, which will help slow price increases and offer buyers more options. However, those improvements will be gradual and home buyers in the coming months should still be prepared for a competitive market, where good listings attract multiple interested buyers. 
(Source: nar.realtor) 

Fairfield County Q1 At a Glance – 2022

Q1 Closed Sales – 2,702
SF: Closed Sales, 1696 – MSP: $579,950
CO: Closed Sales, 719 – MSP: $296,100
LAND: Closed Sales, 59 – MSP: $200,000
MF: Closed Sales, 228 – MSP: $405,000

* The median sale price (MSP) is the sale price in the middle of the data set when you arrange all the sale prices from low to high. It represents the figure at which half of the properties in the area sell at a higher price and other half at a lower price. 
(Source: SmartMLS) (1/1/2022-3/31/2022) 

LeeAnn DeLeo, Broker Associate, REALTOR®
(203) 253-4567, Text or Call - Selling or Buying Expect Better! You Deserve It!
Servicing Fairfield and Lower New Haven County
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