And We're Off!
The spring selling season is off and running at a fast pace. March brought more new listings than the previous year, however it wasn't enough to cover the demand. Pending listings were down by 8% and closed homes by 11% compared to this time last year.
Inventory continues to be extremely low with on a 1 week supply of homes to choose from. The lack of inventory is pushing home prices to a staggering 21% increase compared to March 2021!
The luxury market including homes over $1,000,000 has been picking up with more higher priced homes being purchased.
That being said, nearly half of the new listings coming to market fell between $300,000 - $500,000 price range.