Spring is finally here and one of the metrics we have been excited to check out is the land market. If you read the '21 Land Year End Sales Report (here's a link) you may have picked up on Tayson's observation that the 4th quarter 2021 median sales price dropped just a hair. This would have been virtually undetectable as far as the market was concerned, but we wanted to see if that trend continued into the first quarter of 2022. The answer? No. Despite quite a few sub 150k listings, the median pushed from $173,500 to $185,000 by March 31st. One thing to always remember, this is a small market to track. Big sales, or a subdivision sell out can move the number pretty dramatically. This is why we like to use the median instead of the average in many cases.
The residential market keeps churning along with sales prices routinely seeing $400 per square foot, a sign of the times with construction costs pushing even beyond that number.