Real Estate Market Report - April 2021

Normal spring increases in sales activity, coupled with relaxing COVID-19 policies, created a very busy March real estate market as buyer demand continued largely unabated in the face of rising home prices and mortgage rates. Existing home seller and new construction activity continue to remain below levels necessary to bring the market back into balance, pointing to a busy and competitive buyer market in the coming months. 

New Listings decreased 3.6 percent for Residential homes but increased 7.0 percent for Townhouse/Condo homes. Pending Sales increased 13.7 percent for Residential homes and 38.3 percent for Townhouse/Condo homes. Inventory decreased 44.3 percent for Residential homes and 23.5 percent for Townhouse/Condo homes. 
Median Sales Price increased 13.1 percent to $203,500 for Residential homes and 3.6 percent to $175,950 for Townhouse/Condo homes. Days on Market decreased 32.8 percent for Residential homes and 2.2 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 51.7 percent for Residential homes and 32.0 percent for Townhouse/Condo homes. 
While many homebuilders are working to increase their activity, the cost of lumber and other materials and a backlogged supply chain continue to limit new home construction and have increased costs substantially. New methods of construction, including 3d printed homes, could speed construction and reduce costs in the future, but realistically are several years away from making a measurable impact in the market.