In March 2021, there were 940 new listings, which is an 8.0% decrease from the 1,022 listed in March 2020, but an increase of 32.2% from the 711 listed in February 2021.
926 pending sales last month show a 23.5% increase from the 750 offers accepted in March 2020, and an increase of 32.3% from the 700 offers accepted the previous month in February 2021.
Closed sale count of 755 this March was an increase of 21.8% from the 620 closings last year in March 2020, and an increase of 23.8% from the 610 closings last month in February 2021.
Inventory decreased again to 0.5 months in March 2021. Total market time also decreased to 29 days, with the average home sale price increasing to $486,500, and a median home sale price increase to $435,000.
The current lack of inventory in the housing market has actually been in the works for quite a while. Since the housing bubble burst in the mid-2000’s, there has been a single-family home building shortfall. Combine that with the large generation of millennials hitting home buying age, the demand for homes has been outpacing supply. Now add in the pandemic and historically low interest rates, and we have this perfect storm of long-term and short-term factors influencing the present supply issue.– Nathan Cano
For more information about what this market update means for you and your plans to buy or sell a home, contact our team today!