March 2021 Local Market Update
The numbers really do speak for themselves. There’s a broad difference in year-over-year appreciation by city. Perhaps the most important figure to look at is in the last column, the Months of Supply. Only two cities of the twenty compared have more than a 2-month supply of homes.
Are we in a housing bubble? In a recent article, Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), discussed the state of today’s housing market. When addressing whether or not today’s high buyer competition and rising home prices are evidence of a housing bubble, Yun said that this “is not a bubble. It is simply lack of supply.” Today’s housing market is healthy, and rising prices are driven by real buyer demand.
For a more in-depth look at today’s housing market, access my March 1st article “Is the Real Estate Market Going to Crash?”.
In simple terms, today’s housing market belongs to homeowners ready to sell. With the average home receiving multiple offers from buyers, sellers have serious leverage right now to set terms that work for them.
It is a difficult market for buyers, but that hasn’t seemed to deter them. Buyers need to decide quickly and often be willing to offer more than the asking price. Many have opted to pay even more than the appraised price. If you’re planning to buy this year, discuss your options with your Realtor to determine if now is the right time for you to buy, and if so, what strategy you’ll take. Decide this even before you begin looking at homes.
Whether you’re considering buying or selling, feel free to contact me to learn the best ways to navigate such an energetic market.
|CITY||March 2020 Median Sales Price||March 2021Median Sales Price||Year over Year Appreciation||March Ave. Days on Market||Total Homes Sold March||Total Homes Sold Y-T-D||Current Active Listings||Months of Supply|
As always, contact me for more information on your particular city, or on your home’s Market Value. I’m available at 626-290-1250 or MaryAnglin.Realtor@gmail.com
For those of you who may have friends or relatives outside our area who need a Realtor, I’m happy to do some behind-the-scenes screening and recommend a good agent or two to them. No cost to you or your friends, of course. Learn more here.