Published February 16, 2022
2021 Year In Review & 2022 Projections
The average price of single
family homes in St. John's metro area climbed 8.6% in 2021 over 2020 to
$326,795. Just $9000 shy of the 10 year high in 2014 of $335,021.
Demand for homes soared in 2021, exceeding
supply, which was the leading cause for the significant price increase in the
12 month period.
The number of single family homes sold in
St. John's metro area increased 25% in 2021 over 2020 to 2,717. This is nearly
double the past 9 year average of 2,056.
"Months of Inventory" fluctuated between 4-7 months in 2021,
indicating seller market conditions. A drastic shift from the previous long
term buyers market.
My personal forecast for 2022, at least the first half, is demand will
continue to drive prices up as supply continues to remain constrained.
Current demand is currently driven by: Looming interest rate increases,
ongoing pandemic conditions (restricting travel & remote work), and the
unseasonably warm weather allowing for property exteriors to be fully viewed.
Verdict:
If you are thinking of selling, now is the time.
If you're thinking of buying, make sure to hire a great buyer's agent
that knows how to help you WIN the sale, and consult you on long term plans.
For further questions, email, text or call Nicole.
We're here to help!
Nicole
Darbaz, REALTOR®
Your Trusted,
St. John’s Metro, Real Estate Expert
Keller
Williams Platinum Realty
709-691-1373
NicoleDarbaz@kw.com
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