With single family home prices appreciating in price in double digits month-to-month 1st time home buyers may opt to buy a condo/Townhome/duplex instead. In 2021 out of the 22 homes that closed in the attached single family home the majority - 13 sold for less than list price or at list price (4) with only four going over list price.
The same can't be said about the closed sales in March, 2022. With only 11 homes that closed or 50% than in 2021 - only 1 sold for less than list price. Six sold for list and 6 sold for over list price. 1st time home buyers are going to find 2022 more challenging or just as challenging as putting offers into the detached home category.
In February, 2022 attached home prices appreciated 19.8% compared to January. The official stats for March have not yet been released by MRED but a cursory look at sold prices find nothing under $200K with 4 of the sold homes over $300K.
With only 6 attached homes currently on the market - multiple offers will drive the prices over list easily..jpg)
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