What’s Happening In The Market?
May Update
Please note: this SFAR data is for April 2021
April was another strong month for home sales. The busy spring market continues to see many multiple offer situations driving sales prices above asking price. With such strong activity, by the time a property sale closes, the market may have already moved higher than that sold price suggests. Such markets can create stress and frustration for prospective homebuyers, who are frequently having to submit offers on multiple properties before they are able to secure a purchase.
New Listings were up 37.1 percent for single family homes and 43.7 percent for Condo/TIC/Coop properties. Pending Sales increased 249.4 percent for single family homes and 396.7 percent for Condo/TIC/Coop properties.
The Median Sales Price was up 12.1 percent to $1,800,000 for single family homes but decreased 5.9 percent to $1,200,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 45.5 percent for single family units and 22.4 percent for Condo/TIC/Coop units.
In the spirit of the great Wayne Gretzky, buyers, sellers, and their agents are all trying their best to skate to where the puck, or rather, the housing market, is going, not where it has been. While housing affordability remains an area to watch as prices continue to rise, strong buyer demand and limited housing supply show no signs of easing soon, pointing to a continuation of this market trend through spring and into summer.
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