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2021 was a record-setting year nationwide, and our area was no exception, with a year-over-year increase of 7% in units sold across the thirty-nine towns we study. Overall, inventory remains extremely tight, especially in the more popular price ranges. Amid this surge of activity, we also see evidence that the frenzied pace is beginning to abate. While most towns finished 2021 substantially ahead of the year prior, fourth-quarter results declined significantly for almost all towns we surveyed in both units and total dollar volume as compared to the same period last year. Though the overall brisk pace of sales and the accompanying increase in home prices has been exciting, we also welcome this bit of moderation, which should, in turn, support the longer-term stability of our market.
At the end of 2021, inventory across our region was still in short supply. For homes priced under $2 million, supply in most towns remains well below the six-month balanced-market indicator. For homes priced under $1 million, supply is even more seriously challenged, with less than one month’s supply in most towns. Lack of inventory is a major factor behind declines in the number of transactions in this price range, and as long as demand is this high we can expect to see upward pressure on prices.
As noted in previous reports, the $1 million to $2 million market segment continues to show impressive year-over-year growth in unit sales. This trend is expanding into the $2-3 million range as well. 2021 marks the first time in recent memory that we have seen a demonstrable improvement in the $3 million-plus segment across our region. Year-over-year home sales were up 133% in aggregate, albeit with significant variation in performance from town to town. Although some locales still report an oversupply at the high end, improvement here is another welcome change.
As we look forward to a busy spring on the horizon, I invite you to call upon one of our talented Realtors to help you assess the particulars of your own situation. It would be our pleasure to assist with anything from sending neighborhood activity reports via email to meeting for a personalized consultation or market analysis.
See the data → https://bit.ly/annual_2021