Although extreme buyer competition and multiple offers caused sales and prices to peak midyear, monthly new pendings/ABOs and price per square foot have held relatively level for this time of the year. In markets where numbers are declining, it’s often due to a lack of quality inventory.
Most buyers who had a sudden urgency to move, caused the pandemic, moved in the second half of last year or earlier this year. While not as extreme, demand remains high and supply levels low as we cross over into the new year. Expect sales and prices to again pick up when fresh new inventory begins to arrive in the first few months of 2022. There will buyer competition but not as fierce as in the spring of this year. While competition will cause prices to rise, appreciation will be more gradual than last year.