The following Real Estate statistics were collected by MLSOK, Inc., for the time frame March 1 through March 31, 2021.
Normal spring increases in sales activity, coupled with relaxing COVID‐19 policies, created a very busy March real estate market as buyer demand continues 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 increased 8.3 percent for Single Family homes but decreased 2.5 percent for Townhouse‐Condo homes. Pending Sales increased 47.5 percent for Single Family homes and 100.0 percent for Townhouse‐Condo homes. Inventory decreased 54.8 percent for Single Family homes and 47.6 percent for Townhouse‐Condo homes.
Month’s Supply of Inventory decreased 60.9 percent for Single Family homes and 51.6 percent for Townhouse-Condo homes.
Median Sales Price increased 14.3 percent to $216,000 for Single Family homes and 12.3 percent to $138,400 for Townhouse-Condo homes.
Days on Market decreased 31.9 percent for Single Family homes and 50.0 percent for TownhouseCondo 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 iimpact in the market.
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