June 2021 Market Update
April was another strong month for home sales. The busy spring market continues to see many multiple offer situations driving sales prices above asking price. With such strong activity, by the time a property sale closes, the market may have already moved higher than that sold price suggests. Such markets can create stress and frustration for prospective homebuyers, who are frequently having to submit offers on multiple properties before they are able to secure a purchase.
Closed Sales increased 14.9 percent for existing homes but decreased 5.5 percent for new homes. Pending Sales increased 40.3 percent for existing homes and 12.1 percent for new homes. Inventory decreased 54.5 percent for existing homes and 62.2 percent for new homes.
The Median Sales Price was up 14.4 percent to $242,000 for existing homes and 15.6 percent to $426,758 for new homes. Days on Market decreased 45.7 percent for existing homes and 46.1 percent for new homes. Supply decreased 58.8 percent for existing homes and 68.6 percent for new homes. In the spirit of the great Wayne Gretzky, buyers, sellers, and their agents are all trying their best to skate to where the puck, or rather, the housing market, is going, not where it has been. While housing affordability remains an area to watch as prices continue to rise, strong buyer demand and limited housing
supply show no signs of easing soon, pointing to a continuation of this market trend through spring and into summer.