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 11.0 percent for Single Family homes and 17.9 percent for Townhouse/Condo homes.
- Pending Sales increased 84.4 percent for Single Family homes and 160.0 percent for Townhouse/Condo homes.
- Inventory decreased 58.2 percent for Single Family homes and 34.6 percent for Townhouse/Condo homes.
- Median Sales Price increased 15.6 percent to $445,000 for Single Family homes and 18.6 percent to $213,500 for Townhouse/Condo homes.
- Median Time to Contract decreased 55.9 percent for Single Family homes and 14.0 percent for Townhouse/Condo homes.
- Months Supply of Inventory decreased 65.9 percent for Single Family homes and 43.5 percent for Townhouse/Condo 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.