Shoreline Real Estate Market - 2022 Year in Review

2022 Real estate sales and price graph
Courtesy Windermere Real Estate

Happy New Year!

2022 was a story of two different markets. The year started with the January statistics reflecting the effects of frigid weather, coronavirus surge and depleted inventory – only 19 sales with the median price of $875,100. 

As the weather warmed up and our spring market came into full swing, in March we reached a record high median price of $910,000 with 49 sales. April and May followed with increased sales and stable median price of $905,000.

 

Data courtesy Windermere Real Estate via MLS

The second half of the year brought rising interest rates, increased inventory and a corresponding softening of prices. We finished the year with December posting only 21 sales at a $715,000 median price compared to December 2021 with 47 sales and a $780,000 median price.

The MLS statistics show 1.9 months of inventory at the end of December, well below what is considered a balanced market with 4-6 months of supply.

Matthew Gardner, the Windermere chief economist, expects sale prices will continue to decline through the first half of 2023 but, with mortgage rates expected to slowly fall from current levels, they should start increasing again in the second half of the year with a more normalized pace of appreciation based on historical averages.

--Lella Norberg is a Shoreline resident and a Managing Broker with Windermere Real Estate Shoreline. She can be reached at lnorberg@windermere.com