April 2021
April was another strong month for home sales. The busy spring market continues to
see many multiple offer situations driving sales prices above asking price. With such
strong activity, by the time a property sale closes, the market may have already
moved higher than that sold price suggests. Such markets can create stress and
frustration for prospective homebuyers, who are frequently having to submit offers
on multiple properties before they are able to secure a purchase.
New Listings were up 37.3 percent to 1,730. Pending Sales increased 46.8 percent
to 1,724. Inventory shrank 61.2 percent to 994 units.
Prices moved higher as Median Sales Price was up 18.6 percent to $224,000. Days
on Market decreased 43.1 percent to 29 days. Months Supply of Inventory was
down 68.2 percent to 0.7 months, indicating that demand increased relative to
supply.
In the spirit of the great Wayne Gretzky, buyers, sellers, and their agents are all
trying their best to skate to where the puck, or rather, the housing market, is going,
not where it has been. While housing affordability remains an area to watch as
prices continue to rise, strong buyer demand and limited housing supply show no
signs of easing soon, pointing to a continuation of this market trend through spring
and into summer.
Information courtesy of CMLS*