This isn't supposed to be happening now. But it is.
. That was followed by a dip to a slightly lower plateau over the next four months: $687,176 in July, $685,832 in August, $688,629 in September and $684,700 in October.
In both November and December, the average broke the $700,000 barrier, again, landing at $703,847 and $704,716, respectively, before dipping to $688,127 in January. This drop proved short-lived, however: The February 2022 average of $739,950 is the highest DMAR has ever recorded. The median price spiked, too, going from $599,000 in January to $635,000 in February.
Why is this happening now? The association characterizes buyer demand as"hyperactive," and assorted metrics back this up. The average amount of time listings are lingering on the Multiple Listings Service, or MLS, tumbled from nineteen days in January to fourteen in February; the median days also fell, going from five to four over that same span. Moreover, the closing price in February was 105.20 percent of list, a rise of 2.91 percent in a month.
Andrew Abrams, chair of the DMAR market trends committee, as well as a local realtor, stresses that there are exceptions to this rule."Last month, I had clients close on a house for $10,000 under asking price in the same week that I had clients close on a house $250,000 over asking price," he says."The biggest difference between the two was location and condition."
Given the realities of the current market, Abrams suggests that realtors must"wear a lot of different hats: therapist, analyst, driver, motivational speaker and, most importantly, educator," since helping their clients understand the environment in advance could help reduce the sticker shock.
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