The local real estate market remained solid in March as it continues to get back to a normal, pre-Covid market. The number of closed homes continues to slide, although at a lesser rate. Closings were in-line with where they were 5 years ago.
The number of homes going under contract has reversed the trend of the last two years and has started increasing slightly. This is being boosted by inventory that is up 36% over last year and more than double 2 years ago.
Prices pulled back slightly last month from February but still remained 8% above last March.
In summary, the current market is trending similarly to last year. The median days on market (DOM) was 19 days (half of the homes sold within 19 days). Compare this to last March at 17 days, 2022 at 4 days, 2021 at 6 days, 2020 at 23 days and 2019 at 25 days. This market will continue this trend for the forceable future, until interest rates change. I don’t expect this change for a long time.
Looking forward to working with you when you decide to buy or sell.
———————————————————————
Here are the numbers (vs LY):
Closings:Â DOWN 6%
Inventory:Â UP 36%
Median Sales Price:Â UP 8%
Pending Sales:Â UP 7%