It's no secret that 2021 was a phenomenal year in the housing market. Can you remember way back in 2008-2009 when the financial crisis led to the collapse of the market and home values plummeted? Since then, the market has steadily regained traction with 2021 being the record breaking year with $6.9 trillion in growth to an amazing $43.4 trillion in private residential real estate sales!

Despite the worldwide response to the coronavirus pandemic, the market continues plow forward with demand for housing outweighing supply. Isn't this a good thing? Well, it depends where you stand. Are you look for a home or are you thinking of selling? Homes are on the market for a couple days before they are in multiple offer situation; some of which are offering way over appraised value in cash to be competitive. New construction communities are selling homes before they have had an opportunity to break ground.

What's in the cards for 2022? According to Redfin, 80% of listings are under contract within two weeks of hitting the market in the month of January, which is very high for this time of year. With these remarkable numbers, pending home sales were still down 1% while the Redfin Homebuyer Demand Index was up 9%. New listings fell 12% as it's suspected that many sellers are waiting until the spring.