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2020 Year-end Housing Report Review Graphic
April was another strong month for home sales. The busy spring market continues to see many multiple offer situations driving sales prices above asking price. With such strong activity, by the time a property sale closes, the market may have already moved higher than that sold price suggests. Such markets can create stress and frustration for prospective homebuyers, who are frequently having to submit offers on multiple properties before they are able to secure a purchase.
New listings increased 19.1 percent for residential homes and 45.7 percent for townhouse/condo homes. Pending sales increased 25.1 percent for residential homes and 77.6 percent for townhouse/condo homes. Inventory decreased 40.3 percent for residential homes and 27.3 percent for townhouse/condo homes.
Median sales price increased 11.9 percent to $250,000 for residential homes and 18.7 percent to $189,900 for townhouse/condo homes. Days on market decreased 33.3 percent for residential homes and 28.3 percent for townhouse/condo homes. Months supply of inventory decreased 47.8 percent for residential homes and 38.5 percent for townhouse/condo homes.
In the spirit of the great Wayne Gretzky, buyers, sellers, and their agents are all trying their best to skate to where the puck, or rather, the housing market, is going, not where it has been. While housing affordability remains an area to watch as prices continue to rise, strong buyer demand and limited housing supply show no signs of easing soon, pointing to a continuation of this market trend through spring and into summer.