MORE SELLERS OPT TO ENTER MARKETPLACE
Rise in new listings portends potential positive impact on inventory levels
August Real Estate Market Commentary:
The booming U.S. housing market has spilled over to the rental market, which has seen demand for apartment
and single-family rentals skyrocket this year, as high sales prices and an inadequate supply of available housing
have forced many prospective buyers to rent for the foreseeable future. Increased demand for housing, along
with an improving economy, has competition for rental units soaring, and landlords are taking note, with the
national median rent increasing 11.4% in 2021 so far, according to Apartment List.
Closed Sales decreased 12.1 percent for Residential homes and 13.2 percent for Condo homes. Pending Sales
decreased 10.6 percent for Residential homes and 9.8 percent for Condo homes. Inventory decreased 18.3
percent for Residential homes and 36.5 percent for Condo homes. The Median Sales Price increased 12.2
percent to $239,000 for Residential homes and 10.5 percent to $210,000 for Condo homes. Days on Market
decreased 58.0 percent for Residential homes and 50.9 percent for Condo homes. Months Supply of Inventory
decreased 26.1 percent for Residential homes and 46.7 percent for Condo homes.
In new construction, home builders continue to struggle to meet buyer demand, as housing starts nationwide
dropped 7% last month, according to the Commerce Department. Single-family home construction declined
4.5%, and multi-family home construction, which includes condos and apartment buildings, was also down,
falling by 13%. Labor shortages, rising material costs, and supply-chain setbacks continue to challenge builders,
with some projects temporarily paused due to availability and cost of materials.
August Year-Over-Year Res & Condo (Combined) Quick Comparisons:
- Median Sale Price was up by 11.9% from $210,000 to $235,000.
- The average days on market (DOM) decreased by 56.9% from 51 to 22 days.
- The average % of the last list price received increased by 2.2% from 99.1% to 101.3%.
- New Listings increased by 3.3% from 16,125 to 16,653.
- Average Showings per Home decreased from 10.8 to 10.1.
- Pending Sales were down by 10.5% from 14,444 to 12,921.
- Closed Sales were down by 12.3% from 13,945 to 12,235.
- Listings that were both listed and pended in the same month were at 6,877. This represents 41.30% of the new listings for the month and 53.22% of the pended listings.
- Months-Supply of Inventory was down by 26.1% from 2.3 to 1.7.