March 2021 Market Update Report

One thing is for sure about the housing market, you need a fire extinguisher because it’s so hot out there!

Average Sales Price $238,575 (up 34.5%)
List Price Received 99.5%
Homes for sale 156 (down -65.3%)
Sales 161 (down 15.3%)
Inventory Levels Less than 1 month
Days on Market 24 (almost cut in half from this time last year)

Mortgage rates are starting to climb and the average 30 year fixed is measured by Freddie Mac and is currently 3.05%.

Key Metrics Nationwide
Showings are up 55%
Purchase applications are up 2%.
Pending deals are up 13%.
Existing home sales are up 23% nationwide.
New home sales are up 19%.
Home inventory is down 43% which is dramatically and historically low.
New home inventory is also down 5%.

I bring this all up to you to remind you how good of a market we’re in right now. As we continue to see improvements in the economy, improvements with the way people feel about their health, improvements with the vaccine rollouts, you can expect interest rates to go up, and more people will feel comfortable putting their house on the market. But certainly, as rates rise, it has the potential for people to say were not going to go out and buy a home.

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