Market Stats; April 2022
The desert real estate market continues its run of strong numbers despite some pattern changes in the data. For the second consecutive month, the number of homes on the market at the end of the month increased. April also saw a large drop-off in the number of homes sold, while the number of new listings was slightly lower than the month prior. However, the sale pace, noted as days on market, continues to quicken, and the listing discount, noted as the percentage difference between the sale price and the list price, exceeds 100%, meaning on average homebuyers are paying a premium for a property. All these factors are squeezing prices higher across the desert. As long as inventory remains at low levels and the sale pace exceeds the pace at which the market can be replenished, we will continue to see these conditions prevail. One measurable sign that change could be in store is the drop in the number of sales, which pushed the months of inventory up for the second straight month. As we head into the summer months it will be interesting to watch how activity levels compare to the previous years, both pre-2020 and over the past 2 years, and if momentum starts to shift.
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* Content provided by the Bennion Deville Homes' Marketing Department.
Doug McCourt | 760.641.6567 | Bennion Deville Homes | DRE:01987832