NEW YORK, NY, MAY 16, 2022 — Compass, Inc. (NYSE: COMP), the largest residential real estate brokerage in the United States [^1], today released a market data report based on findings by Compass’ Senior Managing Director, EA Stribling-Kivlan. The report focuses on residential real estate market data from March 2022 and expands upon trends across the country with a spotlight on three Compass markets: Boston, Denver, and Seattle.
“Median price, nationally, rose 15 percent year over year to $375,300. This marks the 121st straight month of month over month gains in median price, continuing a record run,” said EA Stribling-Kivlan, Senior Managing Director at Compass. “Total existing home sales, which include townhouses, condominiums, cooperatives, and single family homes, dropped 2.7 percent from February 2022 and 4.5 percent from March 2021.”
“With fewer sales and higher prices, housing stock continues to be the prominent factor in the marketplace, but inventory numbers have increased, albeit slightly,” said EA Stribling-Kivlan. “March 2022 saw a national inventory increase of 11.8 percent from the prior month, however, this level of inventory is still 9.5 percent lower than March of last year. It is clear that there is still not enough inventory to satiate the appetites of potential homeowners, as increased prices are indicative of red hot demand.”
“First time homebuyers accounted for 30 percent of purchases in March 2022, up from 29 percent in February 2022, a good sign for entry into the market,” said EA Stribling-Kivlan. “However, it is astounding to keep witnessing the amount of cash being used to purchase with March 2022 seeing 28 percent of homes paid for in cash, an increase from 25 percent in February 2022.”
National market updates [^2]:
Average national sale prices for existing residential properties in March 2022 increased by 15 percent from March 2021 to $375,300, marking the 121st consecutive month of year over year increases.
Total national housing inventory for March 2022 decreased 9.5 percent from March 2021, but increased 11.8 percent from February 2022.
With high demand and low supply, the national average of days on the market for March 2022 dropped to 17 days, down from 18 days in February 2022 and down from 18 days in March 2021. Ultimately, 87.0 percent of homes sold in March 2022 were on the market for less than a month.
First-time home buyers have made a resurgence in the market, accounting for 30.0 percent of buyers in March 2022, up from 29.0 percent in February 2022, but down from 32.0 percent in March 2021.
In contrast to first-time home buyers, individual investors and second-home buyers have continued to ease their presence in the market, accounting for 18.0 percent of March 2022 home sales, decreasing from 19.0 percent in February 2022, but up from 15.0 percent in March 2021.
28.0 percent of all home sales in March 2022 were all-cash, compared to 25.0 percent in February 2022 and 23.0 percent in March 2021.
Focusing on Boston, MA, Denver, CO, and Seattle, WA, EA Stribling-Kivlan provided insights into the nuances of each market and how they compare to the national trends:
Boston, MA saw a 22.0 percent decrease in year over year inventory of homes for sale in March 2022, more than double the national average decrease of 9.5 percent [^3]:
Boston’s year over year 8.1 percent decrease in number of home sales is slightly less than twice the national average decrease of 4.5 percent, for March 2022.
While Boston’s drop in home sales is above the national average, the year over year median price increase for March 2022 remains under the national average of 15.0 percent, with a 9.7 percent increase.
“According to local Compass agents, the typical spring market of increased buyer activity went into full effect within the city in February of this year,” said EA Stribling Kivlan. “Inventory within the city is seeming to increase at a faster rate than 2021, but properties receiving multiple offers is still commonplace.”
“In suburban Boston, Compass agents have noted that inventory is still relatively low but also seemingly on the rise, as sellers understand the increase in mortgage rates will lower demand. Also interestingly noted is that multiple offers on homes seem to decrease above the $1.5 million dollar mark,” said EA Stribling Kivlan.
Single Family Homes
Overall Number Of Homes Sold
811 - March 2021
745 - March 2022
-8.1% Percent Change Year Over Year
Median Sales Price
$720,400 - March 2021
$790,000 - March 2022
+9.7% Percent Change Year Over Year
Average Percent Of List Price Received
102.5% - March 2021
106.1% - March 2022
+3.5% Percent Change Year Over Year
Median Days On Market
14 - March 2021
13 - March 2022
-7.1% Percent Change Year Over Year
Inventory Of Homes For Sale
959 - March 2021
748 - March 2022
-22.0% Percent Change Year Over Year
Denver, CO saw its year over year median sale price growth of 17.9 percent for March 2022 outpace the national average increase of 15.0 percent [^4]:
Denver saw a 7.0 percent decrease in the number of homes sold for March 2022, compared to March 2021, slightly higher than the national average of 4.5 percent.
Denver’s lack of inventory also surpassed the national average, coming in at a year over year decrease of 10.4 percent, just over the national average decrease of 9.5 percent for March 2022.
“Although the Denver market is still ultra competitive, the number of showings and offers on properties has decreased, according to local Compass agents,” said EA Stribling-Kivlan. “This decrease has been attributed to the recent rise in interest rates and exhaustion from buyers not wanting to compete in the tight market.”
Single Family Homes
Overall Number Of Homes Sold
3,451 - March 2021
3,207 - March 2022
-7.0% Percent Change Year Over Year
Median Sales Price
$560,000 - March 2021
$660,000 - March 2022
+17.9% Percent Change Year Over Year
Average Percent Of List Price Received
102.2% - March 2021
104.4% - March 2022
+2.2% Percent Change Year Over Year
Median Days On Market
4 - March 2021
4 - March 2022
0% Percent Change Year Over Year
Inventory Of Homes For Sale
1,751 - March 2021
1,569 - March 2022
-10.4% Percent Change Year Over Year
Seattle, WA saw quite a swift market in March of 2022 with median days on the market for properties dropping to less than two weeks, an 18.8 percent drop year over year and more than twice the national average decrease of 5.6 percent [^5]:
Seattle’s 4.7 percent decrease in the year over year number of sales for March 2022 sits quite close to the national average decrease of 4.5 percent.
Unlike the proximity to the national average for number of sales, Seattle’s year over year inventory for March 2022 has only seen a slight decrease of 0.3%, quite the contrast to the national average decrease of 9.5 percent.
“Local Compass agents continue to say that they continue to see new residents flock to the area from both northern and southern California in particular, particularly for income tax benefits,” said EA Stribling-Kivlan. “While a Seattle area listing did just sell for nearly $1 million dollars over its asking price, slightly increased inventory has eased the stiff competition in the market.”
Single Family Homes
Overall Number Of Homes Sold
2,256 - March 2021
2,149 - March 2022
-4.7% Percent Change Year Over Year
Median Sales Price
$824,997 - March 2021
$930,000 - March 2022
+12.73% Percent Change Year Over Year
Average Percent Of List Price Received
101.0% - March 2021
109.0% - March 2022
+8.0% Percent Change Year Over Year
Median Days On Market
16 - March 2021
13 - March 2022
-18.8% Percent Change Year Over Year
Inventory Of Homes For Sale
976 - March 2021
973 - March 2022
-0.3% Percent Change Year Over Year
[^1] T. Velt, “RealTrends 500: The Rise of Compass,” RealTrends, Online, HW Media, 3/25/2022, https://www.realtrends.com/realtrends-500-the-rise-of-compass/.
[^2] Based on data from the National Association of REALTORS® for the periods and locations described. Compass makes no guarantees as to the reliability, accuracy, or up to date nature of any information from the National Association of REALTORS®. Copyright ©2022 “Existing-Home Sales Slip 2.7% in March.” NATIONAL ASSOCIATION OF REALTORS®. All rights reserved. Reprinted with permission. April, 20, 2022, https://www.nar.realtor/newsroom/existing-home-sales-slip-2-7-in-march.
[^3] Based on data from the Greater Boston Association of Realtors, with data provided by MLS PIN & the Massachusetts Association of Realtors, for existing single family homes within the Greater Boston Metropolitan Area for the periods described. Compass makes no guarantees as to the reliability, accuracy, or up to date nature of any information from the Greater Boston Association of Realtors, MLS PIN, or the Massachusetts Association of Realtors.
[^4] Based on data from REColorado for existing single family homes in the Greater Denver Metropolitan Area (Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, & Park Counties) for the periods described. Compass makes no guarantees as to the reliability, accuracy, or up to date nature of any information from REColorado.
[^5] Based on data from the Northwest MLS for existing single family homes within King County for the periods described. Compass makes no guarantees as to the reliability, accuracy, or up to date nature of any information from the Northwest MLS.
