As the spring season is picking up, the real estate market is experiencing an increase in inventory and also demand. In March, the number of active listings rose to 2177 from 1976 in February, giving buyers more options to choose from. However, with 428 total sales in March, it's clear that buyers are motivated and pull the trigger at the new inventory that hits the market. Although there has been a month-over-month increase in inventory, the 10-year average of 2,510 shows that the current inventory is still down 13%, which includes the last two years of a nearly non-existent inventory. If we compare the current inventory to the six years prior to 2020, where the average inventory was 2,828, we can see that the current inventory is down by almost 23% which is significant and for buyers and sellers might mean an upward pressure on prices. This indicates that the market is still in need of more inventory to balance itself out. The months of inventory, which is a crucial metric for buyers, sellers, and balanced markets, dropped from 11 months in January (a buyers' market) to 5.09 months in March. This shows that the market is trending towards a sellers' market. As the spring season progresses, it will be interesting to see how the inventory and demand continue to shape the real estate market. If you're thinking of buying or selling a home, now is the time to pay close attention to the market trends and make a well-informed decision.
Total Sales Sales 428 New Listings 990 Current Inventory 2,177 Median Days to Sell 33 Average Days to Sell 56 Months of Inventory 5.09 Average Sale Price $816,475 Median Sale Price $698,000 Total Volume Sold $349,451,240
Active listings vs new listings is in the chart
Single Family Sales 194 New Listings 495 Current Inventory 1028 Median Days to Sell 34 Average Days to Sell 58 Months of Inventory 5.30 Average Sale Price $1,186,439 Median Sale Price $972,500 Total Volume Sold $230,169,180
The months of inventory is on the right, the lower the number signifies more of a sellers market.
Townhome Sales 58 New Listings 123 Current Inventory 272 Median Days to Sell 28 Average Days to Sell 42 Months of Inventory 4.69 Average Sale Price $679,171 Median Sale Price $652,500 Total Volume Sold $39,390,199
Apartment Sales 130 New Listings 230 Current Inventory 497 Median Days to Sell 35 Average Days to Sell 57 Months of Inventory 3.82 Average Sale Price $478,830 Median Sale Price $460,000 Total Volume Sold $62,247,859