March 2021 is a Seller’s market!
The number of for sale listings was down 31.5% from one year earlier and up 6.2% from the previous month. The number of sold listings increased 36% year over year and increased 48% month over month. The number of under contract listings was up 41% compared to previous month and up 65.1% compared to previous year. The Months of Inventory based on Closed Sales is 0.5, down 43.4% from the previous year.
The Average Sold Price per Square Footage was up 5.6% compared to previous month and up 18.9% compared to last year. The Median Sold Price increased by11.1% from last month. The Average Sold Price also increased by 7.5% from last month. Based on the 6-month trend, the Average Sold Price trend is “Appreciating” and the Median Sold Price trend is “Appreciating”.
The average Days on Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM trends to indicate a move towards more of a Buyer’s market, a downward trend indicates a move towards more of a Seller’s market. The DOM for March 2021 was 14, down 26.3% from 19 days last month and down 39.1% from 23 days in March of last year.
The Sold Price vs. Original List Price reveals the average amount that sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. This month Sold Price vs. Original List Price of 110% is up 2.8% % from last month and up from 5.8% % in March of last year.