Here are the key numbers to know from the 2021 real estate market.
As we head toward 2022, we’re bringing you a year-end market update for 2021.
The first thing you should know is that single-family home sales are down overall, mostly due to a lack of inventory. The last 27 consecutive months have seen inventory drop, and it’s down 53% from this time last year. This dwindling inventory has led us to the very edge of scarcity when it comes to available homes to buy.
Here’s the bright spot: Homes have increased by 19% in value from last year. If you’re a homeowner, that’s great news, and that means you’ll see some significant profit if you do decide to sell.
“We have just 10 days worth of inventory on the market.”
Another factor we look at is our supply. Right now, it would only take 10 days to sell every home on the market in Santa Clara County if no new properties were listed.
As far as condos go, a lot of them are being scooped up by first-time buyers. Condo prices are up 13% year over year, and inventory is down a whopping 50% from 2020.
It’s very important that you have this information if you’re considering buying or selling a home in 2022. I send out a newsletter every month that gives you all the stats for every city in Santa Clara County. I’d be happy to send it to you; just reach out to let me know.
If you have any other questions about the market or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.
