MEDIAN SALES PRICE HIGHEST IN 6 MONTHS,
TOP MARCH IN 18 YEARS
Showings per listing most in any month in 16 years
March Real Estate Market Commentary:
Amid low inventory, two all-time highs are being noted in the Realcomp market for the month of March. Realcomp recorded the highest median sale price for the month of March in 18 years at $210,000. Realcomp also recorded the highest average number of showings per listing in 16 years (since showings have been tracked) at 20.
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.
Closed Sales decreased 1.3 percent for Residential homes but increased 13.5 percent for Condo homes. Pending Sales increased 23.6 percent for Residential homes and 75.5 percent for Condo homes. Inventory decreased 60.0 percent for Residential homes and 48.6 percent for Condo homes.
The Median Sales Price increased 13.1 percent to $210,000 for Residential homes and 11.1 percent to $200,000 for Condo homes. Days on Market decreased 44.8 percent for Residential homes and 27.0 percent for Condo homes. Months Supply of Inventory decreased 60.0 percent for Residential homes and 53.3 percent for Condo homes.
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.
March Year-Over-Year Quick Comparisons:
- Median Sales Price was up by 13.5% from $185,000 to $210,000. Highest month since September 2020; Highest March in 18 years (2003).
- Average Showings per Home increased from 6.9 to 19.5. Most in any month in 16 years (2005).
- New Listings were up by 4.6% from 11,804 to 12,350.
- Pending Sales were up by 29.2% from 8,329 to 10,763.
- Closed Sales were up slightly by 0.5% from 9,091 to 9,138.
- Listings that were both listed and pended in the same month were at 6,620. This represents 54% of the new listings for the month and 62% of the pended listings.
- The average days on market decreased by 42.4% from 66 to 38 days.
- Median Sales Price was up by 13.5% from $185,000 to $210,000.
- Months-Supply of Inventory was down by 61.5% from 2.6 to 1.0.
- Average Showings per Home increased from 6.9 to 19.5.