the Real News

“Doubt is not a pleasant condition, but certainty is absurd.”

– Voltaire (1694 – 1778)

2017, 2018 and 2019 each surpassed $1 billion in total dollar volume, with 2018 breaking the record for the all-time record year in dollar volume, topping $1.2 billion. 2019 pulled back from 2018’s lofty levels, coming in just under 2017’s totals.  COVID19 all but halted the real estate market for a few months in 2020, however despite COVID19 or perhaps because of it, 2020 ended as the all-time record holder nearly reaching $2 billion in sales. 2021 smashed all previous records, eclipsing $2.3 billion in dollar volume. Is reality catching up to the real estate market in 2022? Let’s take a look.

 

In real estate analysis, we need to look backward in order to look forward. Looking back over recent years (for comparison to 2022), we see that in 2019, there were 472 transactions (down 13% from 2018), and a total dollar volume of $1.019 billion (down 15% from 2018). In 2020, there were 679 transactions (up 43% compared to 2019), and a total dollar volume of $1.895 billion (up 86% compared to 2019).

In 2020, the average home sale was $3.225 million (up 29% from 2019), with 195 home sales over $3 million, 87 over $5 million, and 14 home sales over $10 million. The average sale in the $500,000 to $999,000 range was $812,000, 2% above 2019 for this market segment. Over $300 million in sales volume took place in each of September and October 2020 alone, setting all-time records for single months.

For 2021, the average home sale was $3,436,000(up 7% from 2020), supported by 492 sales over $1 million, representing 76% of the market by dollar volume, 209 sales over $3 million, 83 sales over $5 million (representing 31% of the market), and 21 sales over $10 million.

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