New listings and closings were both up slightly from last month, but down for the year overall when compared to this time last year.
The 104.75% close-to-list price ratio was an all-time high and correlates to homes closing in February nearly $30k over list price.
While interest rates have increased more rapidly than projected this year, the conflict in ukraine is expected to lower them, at least in the short term.
Inside the Numbers
$647,776 average sale price for a home purchased during the month.
$575,000 half of the homes sold were purchased for this amount or less.
$29,374 average amount over the list price for homes closed during the month.
With a continued lack of supply and high buyer demand, home prices and a close-to-list price ratio (104.75%) rose sharply in February.
Days on Market
As has been the recent trend, most homes continue to go under contract after just 1 weekend on the market.
While February saw another slight uptick in inventory, there have been 12.44% fewer homes listed in 2022 than this time last year.
A slight uptick for the month, normal after the Super Bowl, but overall we’ve had 13.31% fewer closings in 2022 than this time last year.
The chart above is called a “walk”:
- The first box on the left is the inventory we had at the end of the previous month (and thus the start of this month).
- The second box adds the new listings which became active during the month.
- These first two boxes give us our total home inventory for the month.
- The third box is the number of properties that went under contract, which reduces our availability.
- The fourth box shows homes that were removed from the market without going under contract, which reduces the number.
- Finally we are left with the total inventory at the end of the month.
The chart above is a bar chart showing the number of homes sold in the month by price bucket. Blue is the number of detached, single-family homes; while pink is the number of attached, multi-family homes. Charts like this are helpful as they easily show where we see the most activity.