March 2021
Normal spring increases in sales activity, coupled with relaxing COVID-19 policies,
created a very busy March real estate market as buyer demand continued largely
unabated in the face of rising home prices and mortgage rates. Existing home seller
and new construction activity continue to remain below levels necessary to bring the
market back into balance, pointing to a busy and competitive buyer market in the
coming months.
New Listings were down 11.1 percent to 1,590. Pending Sales increased 28.6
percent to 1,698. Inventory shrank 62.4 percent to 1,002 units.
Prices moved higher as Median Sales Price was up 14.8 percent to $218,000. Days
on Market decreased 39.7 percent to 35 days. Months Supply of Inventory was
down 68.2 percent to 0.7 months, indicating that demand increased relative to
supply.
While many homebuilders are working to increase their activity, the cost of lumber
and other materials and a backlogged supply chain continue to limit new home
construction and have increased costs substantially. New methods of construction,
including 3d printed homes, could speed construction and reduce costs in the
future, but realistically are several years away from making a measurable impact in
the market.
Information courtesy of CMLS*