In early 2022, half of all sales are being reported as under contract within 10 days of listing. Nearly 60% of closed sales are selling at or above full list price. The “at or over asking” percentages are higher than they were early in 2021.

Expect 2022 to move in a similar pattern as last year. Extreme carryover demand, fueled by fear of rising interest rates, to be blended with historic low inventory levels. Bidding wars will drive prices up like they did in the first half of last year. By June, nearly three- quarters of closed sales will be at or over asking. The market will settle in the second half when many of the best properties are gone and rising interest rates, prices and property taxes cut further into affordability.

Anyone that plans to buy or sell soon would be wise to act early in 2022.