Summary
Strong buyer demand is being tested by a lack of inventory. Despite a 60% YOY decline in available listings, closed sales are up by 3% (through March 9th). With rising values and fewer entry-priced sales in the mix, average sale price is up 14%. Both YTD new pendings and closed sales are up by 3%, but new listings have been slow to arrive. The growing inventory shortage is stifling sales. Closed sales, which were up 8% YOY in January, were up by just 1% in February. Buyer competition continues to lift values. YOY monthly price per square foot was up by 11% in January and 15% in February.
