Single Family Summary
Inventory— Inventory levels continue to decline—down 51% compared to a year ago and 14% in the past month. Heading into March, there were only 70 active listings priced under $400k compared to 251 a year ago.
Closed Units— Buyer demand is so strong that despite the inventory shortages, YTD closed sales are up 12%. A YOY rise in new pendings will keep closed numbers up through the first half of 2021.
Values— Both average sale price and price per square foot are up—9% and 7%. Some of that increase is the result of fewer entry-priced sales and more upper-end sales. Although upper-end activity is up, those values have been relatively flat with just a 2% increase in price per square foot.
Summary— Intense buyer demand continues to out-muscle supply shortages and keep sales ahead of last year’s pace. Supply levels have fallen to two weeks for listings under $400k and entry-level buyers are competing with investors looking to grab lower-priced homes.
Condo Summary
Inventory— Condo sales have been picking up faster than new listings have been arriving on the market. As a result, condo inventory is down 8% from last month and 17% compared to last year.
Closed Units— YTD sales are up 21%, and because last month’s new pendings were up 34% compared to the same month last year, expect sales to continue to rise.
Values— While average sale price is up 5%, most of that increase is the result of a fewer entry-level sales (due to the lack of inventory) and an increase in higher-end sales. Ironically, while the number of over-$500k condo sales increased from 9 to 17 units, the price per square foot of those sales dropped from $375 to $308. Within given price ranges, condo values have been flat or declining.
Summary— COVID has been hard on condos, but as vaccinations become widespread, expect the condo markets to open back up and values to pick up.
