Monthly Newsletter May 18, 2022

April home sales down compared to last year as inventory continues to slide down

There were 293 homes sold in April 2022 – 19.5% above the five-year average and 33.4% above the 10-year average for the month of April.

Although this was a sharp decrease of 22.1% from the monthly high for April last year, it was still the second highest total for the month ever.

On a year-to-date basis, home sales totaled 815 units over the first four months of the year. Again, this was down sharply by 19.5% from the same period in 2021 but the second highest total in history.

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $292,300 in April 2022, up significantly by 30.5% compared to April 2021.

The benchmark price for single-family homes was $294,400, notable gain of 30.6% on a year-over-year basis in April. By comparison, the benchmark apartment price was $244,400, up by virtually the same percentage of 30.5% from year-ago levels.

The average price of homes sold in April 2022 was $342,310, an increase of 28.8% from April 2021.

The more comprehensive year-to-date average price was $322,744, up 26% from the first four months of 2021.

The dollar value of all home sales in April 2022 was $100.3 million, edging up 0.4% from the same month in 2021. This was a new record for the month of April and was also the largest dollar value of homes sold for any month in history.

The number of new listings saw a sharp decrease of 18.7% from April 2021. There were 365 new residential listings in April 2022.

New listings were 7.6% below the five-year average and 21.3% below the 10-year average for the month of April.

Active residential listings numbered 334 units on the market at the end of April, down sharply by 34.5% from the end of April 2021. Active listings haven’t been this low in the month of April in more than two decades.

Active listings were 59.8% below the five-year average and 74.5% below the 10-year average for the month of April.