Sunday, June 12, 2022 / by Bryan Baylon
June 12, 2022 Market Update
New home inventory is growing even faster than re-sale inventory, at least in percentage terms. Comparing June 12 with March 12, 2022
- Active listings with date built 2023 are up 222% to 103 - these are homes that will not be available to close until next year and many of them are very expensive. More than 57% of them are priced over $1 million and 5 are over $10 million
- Active listings with date built 2022 are up 213% to 1,147 - these new builds are either spec homes or build to order (BTO) with delivery by the end of the year
- Active listings with date built 2021 are up 36% to 242 - new homes that have already been completed last year or are being flipped very early in their life
- Active listings with date built prior to 2021 are up 128% to 9,985 - not new, but re-sales
Developers are clearly using the MLS more than they did 3 months ago.
New home listings are piling up on the MLS inventory faster than re-sales, but re-sales are still growing very fast even without the new homes.
In percentage terms, homes built in 2021 or later represent 13% of ARMLS listings on June 12, up from 11.6% on March 12.
We expect to see buyer-broker commissions on new homes get more generous as time goes by.
Market incites provided by the Cromford report.