January numbers are in, and they’ve indeed set the tone for the year ahead.
Condo activity was somewhat lackluster, as the January 2022 median price was the same as it was last January at $1,075,000. There were 321 new listings last month, more than double the 149 new listings that hit the market in December. A total of 222 units went pending, and there was a 2.5 months’ supply of inventory. The DOM was 62. Buyers are clearly taking their time when it comes to snapping up condos so far this year.
The median price of a single-family home in the city, on the other hand, was $1,640,000—up 4.3% compared to January 2021’s $1,575,000 median price. There were 193 new house listings last month, with 140 going into contract and 130 sold. That represented 1.4 months’ inventory supply, which means there aren’t a whole lot of homes available. And the average days on market (DOM) was 37.
What might this mean for 2022? These numbers point to what I’m guessing will happen—-higher prices for houses, but far less appreciation for condos.
[Data courtesy of the MLS and Corcoran Global Living]