More records were smashed in the local real estate market in March! There were 993 residential homes sold, which is the highest number of monthly sales in history. To put that number in perspective, the previous 10-year average for March is 552 homes sold. And, the previous record for monthly sales came in May 2017 when there were 816 sales. Clearly, more inventory has been coming into the market, but the persistent high demand has resulted in sustained high prices and very quick sales.
The average residential home sold for $765,393 in March, which is just 1.5% above the average for February 2021. So, while prices remain significantly higher than the 2020 comparisons, we may be starting to see some sign of prices stabilizing. Average sale prices for detached, apartment-style condos and townhouses rose no more than 2% from February to March, while the average price of a semi actually decreased by 4.8%.
Even with the increased inventory on the market, sales moved at a breakneck pace, with the average home selling in just 8 days. This time last year, the average was 16 days, while the previous 5-year average was 21 days. This all points to continued competition for homes in our region, with demand continuing to outpace even a robust supply.
If you’re wondering if now is a good time to buy or sell, let’s talk! Read the full report here.