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The March statistics represent the real estate story of the year…very little inventory and high demand resulting in multiple offers on 76% of the properties sold. The properties that sold over list price, did so, by a median of 13%. 13% of the median-priced home ($1,350,000) is $175,500!
— 216 houses for sale on 3.31.21 is lowest for the end of March (previous low was for 577 for March 2018). It is the second-lowest month-end ever, only behind 188 at the end of December 2020.
— Months supply of inventory at 0.2 is the lowest month-end ever. The previous low was 0.4 last month (February 2021) and the previous March low was 0.7 (March 2018).
— The median closed sales price of $1,350,000 is record high as is the 30% increase in sales price over the previous year.
— 76% of properties that sold selling for over the original list price is another record.
— 88% of the houses that sold having less than 15 days on market is another record.
— Pending and closed sales counts are higher than the ten-year average but short of records.
Looking Forward: It will get better for buyers, but the demand still outweighs the supply. Multiple offers will be common, but likely below the 76% experienced in March. The median amount over list price, 13% in March, should also decline. A decline will show up in May statistics, resulting from April activity.