Single Family Average $626,657 – Up to 18% Year Over Year
Single Family Median $527,562 – Up to 14% Year over Year
Condo Average $398,956 – Up to 9% Year Over Year
Condo Median $335,000 – Up to 8% Year Over Year
Active listings continue to have a Limbo mindset (how low can you go?), slipping below the 2,000 mark with only 1,864 active listings on the market in February. That’s a difference of 2,163 listings year-over-year! That certainly doesn’t mean we had a slow month in the market, we still saw 4,308 new listings hit the marketing in February, down only 10% year-over-year.
Of course, with low inventory comes lower days in MLS, an increase in sold prices, and a higher percent closed to list price. Percent closed to list price is seeing outrageous numbers right now, with the average sold price being 102% of the list price. If the average price of a single family home is $626,657, that means that homes are selling for an average of $12,533.14 over list price. That’s incredible!
As you are all aware, real estate is local and, therefore, all of these stats are going to vary significantly depending on which part of the Metro area you live and work in. If you’d like a more localized report to use for your business and with your clients, talk to your Land Title sales rep about getting a Local Insight!
Supply – Active Listings
As previously mentioned, active listings took another all-time low this month with only 1,864 listings on the market, a 53% decrease year-over-year. Remember in 2020 and 2019 when we were mentioning low inventory? How we wish we had those numbers again! The combination of a very low number of new listings coming onto the market and a healthy number of listings turning to pending, has likely contributed to the low number of active listings we experienced in February.
1,864 Active Listings – Down 53% Year over Year
New listings continues its slow start to the new year, down 10% year-over-year, a difference of 473 listings. In 2020, we say many new listings coming on the market, just going under contract at record speeds. This has not been the case so far in 2021, as we saw the lowest February in the past 3 years.
4,308 New Listings – Down 10% Year Over Year
Demand – Pending Sales
February saw a healthy month in pending listings, but not nearly the large jump we saw in 2020 as the marketing picked up speed. As we’ve mentioned previously, interest rates have been playing a big part in the increased demand in 2020 and 2021.
4,850 Pending Sales – Down 2.5% Year Over Year
Percent of Closed to List Price
Sellers got and unheard-of 102% of their listing price for their final sales price in February. Typically this early in the year, we do not average over asking price but strong buyer demand has pushed us over the 100% marker earlier in the year and continues to push the limit.
Source: J. Renshaw / Land Title Guarantee Company