Some new listing inventory was added during April, but when it was all over there was a drop of 45% total inventory from a year ago. That huge drop in inventory is basically what you need to know about this current market. Almost zero inventory. Anywhere. And pending sales continue to surge, keeping what little inventory exists depleted.
Buyers comb the internet daily, hoping they’ll get the chance to compete with other battle-weary buyers for the one new listing that appears in their price range near where they really want to live.
With the number of available homes at historic lows, prices continue to climb. Year-over-year prices on closed sales surged 25%, from $452,030 to $565,000. Nearly every county had double-digit gains. Prices on single-family homes rose about 26.5%, while condo prices increased by a more modest 12%. As long as housing supply remains constrained and interest rates remain low, I think we will see these price trends continue well into the summer and fall.
Stay tuned for all your housing info as we continue to see a super strong real estate market in 2021. Thank you so much for watching this Market In A Minute Video! See you again next month!!
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