There is mixed news in the latest Market Action Report–most notably the shocking numbers on appreciation. Comparing 2020 to 2021 through July, the average appreciation in the region was 19.4%. That number is daunting to those trying to get their foot in the door and reflects the boom in demand and lack of supply.
A more hopeful sign of the market coming to its senses is the increase in listings. The graph on page 3 shows 2021 listings in red, and it shows that we have been struggling with those numbers being in the low 2000's. However, you can see that the trajectory is rapidly increasing, and we are heading up to pre-pandemic figures. Again, we have experienced this most in the upper price ranges as things in the $800,000 plus category seem to be staying on the market longer and having more price reductions.