April '21 Market Report
Unprecedented demand is going head to head with the depleted inventory levels that are challenging buyers. In most markets, demand is winning and YTD sales are slightly ahead of both last year’s and 2019’s pace. In markets that have seen a flow of fresh new move-in-ready inventory, new pendings, closed sales and prices have all begun to spike.
Any buyers or sellers who are thinking of moving in the next few years may want to make their move sooner as opposed to waiting. Interest rates, prices and tax assessments are all lower today than they will be in the near future. The financial advantage of capping their assessment this year instead of letting it rise with values another year cannot be overstated.
Summary:
While they appear to be bottoming out, current inventory levels are down 57% compared to the same time last year and 64% compared to 2019. New listings have begun to outpace new pendings by a slim margin. As a result, available listings are up 1% from a month ago. Through March, YOY closed sales were up 6%. Prices continue to rise with average sale price and price per square foot both up—15% and 14%. About half of those increases are due to the sales mix which contains fewer entry-level sales (lack of inventory) and more upper-end sales