Spring-ing Forward in the Housing Market
The first 3 months of the year saw a reduction in same month sales; April changed that trend. Even though we had 74% fewer properties available, we sold 14% more units in April 2021 than we did in April 2020. Pending contracts – contracts that are executed but not yet closed – were also up 16% over the end of last April, promising the continuation of a strong market.
Although the number of properties sold in the first 4 months this year were 3% lower than the comparable period of last year, the average price was an astounding 31% higher and the median price was 28% higher for sales during that period.
One surprising continuing trend is that the price per square foot of resale homes is about 6% higher than the price per square foot of new homes. Historically, new homes have sold for much more than resale homes.
As a reminder, our data includes sales not only of detached single-family homes, but also of condominiums, townhomes and homes on acreages, covering all the expanded choices buyers enjoy in our modern market.
The table below shows a breakdown of units sold as well as the percentage increase in average and median prices for each type of residential property sold during the first 4 months of 2021 compared to the same months in 2020:
Posted by Andrea Pettitt on