Summary
Inventory levels are rising compared to prior months, but half of what they were a year ago. Despite the shortage of available listings, YTD closed sales are up 32% compared to last year and even with 2019. With inventory shortages most severe in the lower price ranges, entry-level sales are down by a third, while over-$500k sales are nearly double what they’ve been in prior years. The shift in that mix has lifted average sale price and price per square foot 20% and 18% from a year ago. Be careful not to use these figures as measures of appreciation rates. The bottom table below shows that within the given price bands, price per square foot has increased just 8%, 12%, 14%, and 7% over the past two years combined.
