Despite continued strong demand, limited active inventory quantity and quality continues to bottleneck sales. Although March closed sales were up 26% compared to the prior month, a 10% drop in March new pendings will limit April closed sales.
The best listings continue to sell quickly—42% of March new sales and half of April’s (through April 17th) took 10 days or less. Quality and quantity on the supply side seem to be limiting sales more than any lack of demand.
Thirty-five percent of March closed sales were above full asking price, 18% were at asking and less than half were under. As shown in the “Under, At and Over” chart, the “Over” sales are increasing while the “Under” sales are decreasing. Expect the Over-Asking percent to peak in June as it has done the past two years.
