April // market update
The best time to sell a home in the history of the Metro homes market marches on as we are firmly entrenched in this extreme seller's market. Inventory challenges, a robust buyer pool (due to low interest rates + covid moving + Millennials coming out to play), and unprecedented competition remain integral factors in our extremely vibrant market.
Important takeaways from March 2021:
Month-over-month appreciation is at 6.90 %.
Theoretically showing that if a buyer waited just one month to buy a $500,000 property from the end of February to the end of March, they would have had to pay $35,000 more for that property
Average median price year-over-year appreciation is at 15.26% from $511,511 to $589,587 this March.
Average sold price for Single Family Detached units is $674,990 up 19.3% up year-over-year.
We ended the month with the lowest inventory on record: 1921 units on market.
Are we in a Bubble ? (short answer is "no"):
“In March of 2008, we had 25,516 properties available to sell compared to only 1,921 today. Even if buyer demand starts to decrease as interest rates go up, that doesn’t necessarily translate to prices going down. Instead, it could translate to prices going up at a slower pace and a return to normalcy”
See full quarterly market report below:
As always I'm here to support you, friends, and family in your Real Estate goals. Be it buying, selling, or just planning for the future please, don't hesitate to reach out!
All My Best,