Overall the market remains very strong in our local areas. Statistics do show a slight decline in demand year to date but since inventory continues to support a “seller’s market”, prices for the time being are expected to continue to rise.
The homes priced over a 1-1.5 million are not really seeing any measurable decline in demand at all. The inventory in this sector remains very restricted thus demand is super high. Factors that are contributing to the slight decline in demand are increasing mortgage rates, fewer buyers leaving the city areas and buyer burnout in terms of multiple offers and 10-80% over asking needed to secure a property.
In short, we expect prices to continue to rise during 2022 but perhaps at a slightly slower pace.