We are now into the month of March and are looking forward to the longer, light filled days ahead! Looking back on the first two months of 2022, real estate activity was extremely competitive with the continuation of deficient inventory and we experienced multiple offers in many situations. Real estate values are still on the rise. We have said this many times before: it is hard to predict how long this
environment will last!
As the chart illustrates, total sales in Bear Trap were down 50% when compared to the same time last year as inventory remains at record lows. Meanwhile, sales volume in dollars (based on list price) was down much less, at 22%. Properties continued to sell very quickly. In fact, all 7 properties that went under contract this year did so in less than a week and the average sale price for properties settled in January and February was up 23% when compared to the same months in 2021.
Spring is upon us and right now is an opportune time to list your property or begin your home search. Please give Bear Trap Specialist, Gail Phelan (302) 233-4909 a call to strategize about how to maximize your results in 2022.