As 2022 starts, the headline remains inventory. Although there had been a level of optimism that the market would start to normalize in 2022 and inventory would increase, the exact opposite has happened. The omnicron variant impacted the overall housing market, which has been struggling with inventory levels starting in the 3rd quarter, 2020 and continuing through last year.
Jamestown is experiencing historically low inventory levels – lower than any of the past 27 years, since I started tracking market statistics. There are only 7 homes currently on the market in Jamestown that are not under contract. Another 7 homes are under contract with contingencies, which means there’s a possibility one or more will move back into active status. Only three condominiums are currently available for sale. They are new construction, across from the water with prices starting at $2,500,000. Another unit in Jamestown Place is under contract with a sale of Buyer’s property contingency - highly unusual in this super-heatedmarket. Three pieces of land are available, and a fourth is under contract with contingencies.
As a result of the diminished housing supply, prices continue to move higher. The median home price nationwide is at $375,000, a 10% increase from last year. In contrast, the median sale price in Jamestown increased 46% in 2021 vs. 2020, while our average sale price increased 15.5%. Although the National Association of Realtors expects a surge in home construction will increase the number of homes for sale, it still projects existing home sales to be 3% lower this year than last.
All in all, 2022 is shaping up to be a very interesting year and a study in contrasts. If you’re interested in selling and/or buying a property this year, please call us at Mansions & Manors® to discuss how we can help you make the perfect move.
Stay up to date on the latest real estate trends.