Market Report - 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 up 16.0 percent to 862. Pending Sales increased 117.7 percent to 884. Inventory shrank 72.4 percent to 649 units.
Prices moved higher as Median Sales Price was up 6.8 percent to $375,765. Days on Market decreased 23.3 percent to 115 days. Months Supply of Inventory was down 82.4 percent to 0.9 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.