2nd Quarter Market Update | A Price Plateau
Before I tell you why we are having a difficult time explaining the numbers, we’ve got to talk about the numbers. Average price in the second quarter only went up by 0.8% in comparison to 12% in the previous one. Total sales in the 2nd quarter were 1,960 in comparison to 1,466 in 2020. In the past year, the average price increased by 32% driven by low supply and high demand. However, back in 2020 we had more than double the inventory – 1,079 homes for sale versus 470 in 2021. So why has the average price plateaued?
Making Sense of the Numbers
Based on the numbers alone, there is absolutely no reason why the average price is not continuing to increase. Market value is based on supply and demand. We…
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