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March 2021 Stats

Thursday, April 1, 2021   /   by Christopher Barca

March 2021 Stats

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Normal spring increases in sales activity, coupled with relaxing COVID-19
policies, created a very busy March real estate market as buyer demand
continued largely unabated in the face of rising home prices and mortgage
rates. Existing home seller and new construction activity continue to remain
below levels necessary to bring the market back into balance, pointing to a
busy and competitive buyer market in the coming months.
New Listings increased 48.0 percent for Single Family homes but
decreased 4.5 percent for Condominium homes. Pending Sales increased
137.7 percent for Single Family homes and 414.8 percent for Condominium
homes. Inventory decreased 54.1 percent for Single Family homes and 37.7
percent for Condominium homes.
Median Sales Price increased 17.4 percent to $980,000 for Single Family
homes and 15.3 percent to $640,000 for Condominium homes. Days on
Market decreased 10.0 percent for Single Family homes and 2.7 percent for
Condominium homes. Months Supply of Inventory decreased 60.4 percent
for Single Family homes and 43.5 percent for Condominium homes.
While many homebuilders are working to increase their activity, the cost of
lumber and other materials and a backlogged supply chain continue to limit
new home construction and have increased costs substantially. New
methods of construction, including 3d printed homes, could speed
construction and reduce costs in the future, but realistically are several
years away from making a measurable impact in the market.