I have two words: Red Hot.
Being a buyer in this market can be frustrating as almost every listing receives multiple offers and goes under contract above list price.
The market data provided below from Land Title Guarantee Company shows how our real estate market continues to appreciate and how demand increases the prices.
While these stats are through March 2021, note that the pandemic had not affected these numbers as closings in March would have been from contracts in January and February 2020.
Year to date 2021 over 2020 has an increase of 45% more transactions and 59% more in dollar volume. With that many additional transactions, we can’t really argue that there is a lack of inventory. The truth is that the demand is much higher than the supply so it feels like there is a lack of inventory.
- Market Analysis by Area for March 2021: There were a total of 260 transactions and $226,309,300 in monetary volume. The average transaction price for all 18 reported areas, plus Deed Restricted transactions, was $903,591. Average residential price was $1,001,967 and average residential PSF was $618.
- Market Analysis by Area YTD 2021 (4 Months): Year-to-date there were a total of 571 transactions totaling $489,183,132 in monetary volume. Average transaction price was $888,341, average residential price was $978,401 and average residential PPF was $603.
- Market Snapshot for FULL Years 2021 vs 2020:
- Average Indicators for $:
- Single Family +11%
- Multi- Family +7%
- Vacant Land -7%
- Median Indicators for:
- Single Family +12%
- Multi- Family +9%
- Vacant Land +8%
- Average Indicators for $:
- Market Analysis % Change YTD March 2021 (*last March 2020- Pandemic Shut Down- March 15): Monetary volume in March 2021 was up 127% from March 2020. Transactions were up 95% from March 2020. YTD $ volume is pacing 59% up and transactions are up 45% from YTD 2020.
- Residential Cost Analysis: Residential volume in March had 196 transactions with $196,385,600 gross volume. There were 62 properties that sold for $1M and above in March. There were 75 Single Family, 121 Multi-Family and 25 Vacant Land transactions.
- Average Price History by Type-YTD 2021: Average price for residential Single Family: $1,533,466, Multi- Family: $646,569 and Vacant Land: $342,075.
Comparative Historical Cost Analysis Comparison 2021-2020-2019: YTD 2021, there were 441 residential transactions and $431,474,962 gross $ volume with 130 properties selling for over $1M. In 2020, there were 309 transactions with $265,464,100 gross $ volume with 87 properties selling for over $1M. In 2019, 309 transactions with $256,406,796 gross $ volume with 69 properties selling for over $1M.
See history and all archived reports from Land Title Guarantee here.