Obviously, the Real Estate word on everyone’s mind so far this year has been INVENTORY. While it’s true that in the early part of 2021 the inventory of homes was less than normal, as spring gets into full swing and the flowers and trees start to bloom, we see more sellers putting their homes on the market. Easing fear of Covid-19, combined with more direction in terms of work from home vs a return to the office, and increasing numbers of vaccinations have all led to a greater confidence that the market will open up.
Overall Sales Down
While the first quarter of 2021 was unparalleled in terms of sales volume and price, April has seen a slowdown compared to the same time last year. Not surprisingly, the lack of inventory entering the market in January through March this year resulted in fewer homes to buy. The number of sales in April 2021 totaled 37 compared with 54 in April 2020 – a 31% decrease. In terms of overall dollar volume, there was $34,831,356 transacted this April resulting in an 11% drop in overall sales volume compared to April 2020.
Prices Are Up
While the overall dollar volume was lower than the same time last year, the median and average price gains were significant. The median sales price of a single family home rose from $635,000 to $730,000, which is a 15% gain over April 2020. The average sales price closed 29% higher at $941,388 compared to $727,889 during the same time period last year.
Even with more homes coming on daily, we are still in a strong seller’s market. Quick sales continue to happen and we are still seeing multiple bid situations. With that being said, buyers are finding the frenzy of a month ago is starting to ease and more choice is becoming available. Whether you are looking to see what your home is worth in this appreciating market, or looking to buy, it’s never been clearer that working with a savvy Realtor is of the utmost importance to get you to the closing table.