The new year saw home sales momentum continue to outpace growth in the inventory of listed homes.Ā Demand for homes relative to the number of listed (supply) homes increased pressure on prices resulting in a record level for the median sales price at $271,825 in March 2021. The pace of sales left only 504 listed homes on March 31, 2021 compared to 877 in March 2020.Ā
The number of listed homes has remained below 1,000 for eight consecutive months.Ā Homes priced between $200,000-$250,000 fell by 76% in 1Q 2021 compared to 1Q 2020. Homes priced below $150,000 fell by 70%.Ā In fact, the number of available homes in every price range in March 2021 was below the March 2020 level. Ā See Figure 1.Ā
The Days-on-Market dropped to 18 days in January and March with the quarter average of 19 days on market in 1Q 2021, the lowest level for more than a decade.