Real Estate Heated Up Amidst Cold Spells
Despite the cold spells in March, the entire residential market saw a seasonal simmer as spring picked up steam with real estate transactions. Homebuyers had 21.75 percent more new home choices – and they liked what they saw! Homes under contract were up 27.39 percent from February.
Here’s what else was up: Year to date, single-family active listings jumped 26.29 percent, new listings were up 2 percent, and days on market more than doubled from seven last year to 15.
Prices were up too, but just barely. The single-family average price was up 0.95 percent year to date to $516,469; the median price was up 0.34 percent to $436,500. The bump was a little bigger for condo prices, with the average condo price at $356,142 year to date.
Not Everything Was Popping Up like Daffodils
The number of homes sold so far in 2019 dropped 5.79 percent and thus the sales volume was down 4.36 percent year to date. Homebuyers are pushing back on sellers’ list prices with the close-to-list-price ratio down to 99.04 percent, which is the lowest ratio it’s been at this point in the past four years.
Luxury Market is Ready for the Spring Season
With warmer weather on the way, the Luxury Market – homes priced $1 million and up – is primed and ready for a spring selling season. In March, single-family homes that sold jumped to 152 from 117 the month prior. Of note, the average days on market dropped to 50 in March, from 82 in February and 75 this time last year. With this type of activity, it’s no surprise the close-to-list-price ratio is still holding strong at 97.72 percent. Condos gained similar momentum.
So, is it a Buyer’s or Seller’s Market?
The market under $1 million is still very much a seller’s market, and we are teetering on an equal market between buyers and sellers over $1 million with 5.16 months of single-family inventory and 5.59 months of attached-home inventory. At this point, buyers do not have the upper hand in any price range.