Tuesday, February 1, 2022 / by John Salkowski
The data explains why our market won’t be slowing down anytime soon..
Over the past few weeks, I’ve been getting asked if the market will slow. I don't believe the market is slowing down anytime soon, and I don’t think it will crash like it did in 2006. Back then, they were literally giving out mortgages without documentation to prove you could afford the house.
The numbers show that our market is still strong. Here is data from Montgomery, Delaware, and Chester counties that compare December 2020 to December 2021:
Closed Sales: 1,142 (2020); 1,044 (2021)
Average Price: $396,000 (2020); $431,000 (2021)
Closed Sales: 745 (2020); 679 (2021)
Average Price: $457,000 (2020); $502,000 (2021)
Closed Sales: 763 (2020); 723 (2021)
Average Price: $324,000 (2020); $345,000 (2021)
As you can see, our market is only going up, and it's going to hold stable for many years to come. If you’re looking to buy or sell, I wouldn’t wait for spring because there will be more competition on the market.
If you have any questions, don’t hesitate to reach out to me and my team by phone or email. There is never any cost or obligation. We look forward to hearing from you.