What’s been going on in the 2021 real estate market so far?
Last year, we experienced a highly competitive seller’s market with low inventory, and to date, that hasn’t changed. This is great news for sellers, but buyers will find this to be a tough market.
We currently have 1.6 months of inventory, meaning that we’re desperately waiting for houses to come onto the market. Buyers are beside themselves trying to find a property for sale in some areas. Mind you, not all areas in our local market are down to 1.6 months of inventory, but they are very low across all price ranges.
The few homes that do become available are selling very quickly. If you place a home on the market in our current climate and you don’t sell it within the first week or two, you need to determine what’s wrong either with your home’s condition or price. It could be that you’ve overpriced it or that the condition doesn’t seem to match the value.
As we move into the spring, we have a total of 51,702 listings, which is down by 43% year to date. We closed 24,795 homes in January, which is up by 17.8% year to date. The median sales price is $262,000, which is up by 12.7% from the beginning of the year. The average days on market is 48 days and the average days to close is 41 days.
The median price per square foot is up by 11% over last year, leaving us at $133.56. For new construction, prices have risen; if you can find a builder who starts around $170 per square foot, you’re doing really well. Most start between $200 and $250. The median home size is 1,980 square feet, and the median year built is 2002. The sales-to-list-price ratio is currently at 97.6% across all price ranges. For lower price ranges, many homes are closing at well over 100%!
Stay tuned to my blog for monthly updates on the market. In the meantime, if you have any questions about the market or real estate in general, don’t hesitate to reach out to me. I’d love to help.