The Four
in the first quarter. A severe lack of inventory was the main reason why the number of sales was not higher.
FACES OF 2022 The best way to understand the 2022 luxury residential market is to look at it from a quarterly point of view. Each quarter demonstrated very different market characteristics.
FIRST QUARTER The first quarter of 2022 started strong, continuing the pace set in 2021. Escalating demand and some of the lowest inventory on record brought home prices to new heights. Two unique fixtures of the 2021 market – multiple offers and homes being sold over asking price – remained
Prices continued their upward streak, rising by 5.9% for single-family homes and 20% for attached properties in the first quarter of 2022 compared to the last quarter of 2021. Meanwhile, inventory levels dropped 27.1% and 27.8% for the same period, respectively. Somewhat atypical was the robust buyer demand exhibited during the first quarter of 2022, since the first part of the year is traditionally considered a slower season for real estate (except for snowbird markets). If new properties came on the market, they were snatched up quickly.
Q UA R T E R 1 M A R K E T S TAT I S T IC S
Single-Family Homes
Median Sold Price
1,594,500
$
Condos
1,100,000
$
Average Monthly New Inventory
5,210
1,976
Average Monthly Inventory
14,236
5,292
Sold Homes
20,393
7,278
Source: Institute for Luxury Home Marketing
