How's the Market?Well, it may finally be happening. The market looks like it might begin to cool. The average 30-year fixed rate mortgage rose to more than 5% in April, the highest in a decade. This
January 2022 Market Update
Dated: February 21 2022
How's the Market?
The 2022 real estate market begins where 2021 left off, in which existing home sales reached their highest level since 2006, with the National Association of REALTORS® reporting sales were up 8.5% compared to the previous year as homebuyers rushed to take advantage of historically low mortgage rates. Home sales would’ve been even greater were it not for soaring sales prices and a shortage of homes for sale in many markets, forcing a multitude of buyers to temporarily put their home purchase plans on hold.
- New Listings up 4.5% for Homes, down 13.4% for Condos
- Pending Sales down 21.3% for Homes, 31.3% for Condos
- Inventory down 34.6% for Homes, 75.8% for Condos
- Median Sales Price up 18.1% to $1,157,500 for Homes, 26.3% to $707,500 for Condos
- Days on Market down 26.8% for Homes, 39.9% for Condos
- Months Supply of Inventory down 45.2% for Homes, 85.2% for Condos
For many buyers, 2022 marks a new opportunity to make their home purchase dreams a reality. But it won’t be without its challenges. Inventory of existing homes was at 910,000 at the start of the new year, the lowest level recorded since 1999, according to the National Association of REALTORS®, and competition remains fierce.
Affordability continues to decline, as inflation, soaring sales prices, and surging mortgage interest rates reduce purchasing power. The sudden increase in rates and home prices means buyers are paying significantly more per month compared to this time last year, which may cause sales to slow as more buyers become priced out of the market.
Click here to view the full 22-page report for January 2022.
I love to talk Maui real estate! Contact me at 808-281-4711 or email@example.com.
Diane Bercik specializes in residential property sales on Maui. She serves as Broker-in-Charge for Maui Paradise Properties (MPP). Diane has worked on transactions all over the island and has a partic....