RE/MAX National Housing Report for March 2021

DENVER, April 19, 2021 / PRNewswire / – March home sales rose a third from February as demand from hordes of eager home buyers surpassed median selling price $ 300,000 For the first time in the report’s 13-year history. In the meantime, the pace of sales accelerated – to its highest level since March – and reduced the already tight housing stock to almost half of the previous year.

“Right now it’s definitely a sellers’ market and homes are selling at feverish levels, adding to this historically low inventory situation,” he said Adam Tales, CEO of RE / MAX Holdings, Inc. “On average, properties sold last month were on the market for just 38 days, nearly three weeks less than the March average of 59 days over the past four years.”

Although year-over-year comparisons are skewed by the onset of pandemic restrictions in Mid-March 2020Residential activity in the report’s 53 markets last month for the full month hit several notable milestones and barely missed another, including:

  • The median selling price of $ 303,000 increased 4.5% from the previous reporting record of $ 290,050 in February – and was 14.3% higher than last year.
  • Inventories fell to a new reporting low for the ninth consecutive month, 45.2% below the prior-year level.
  • Average monthly inventory hit a reporting record of 1.1, beating the previous low of 1.6 months in February. The figure for March 2020 was available for 3.2 months.
  • The average days on the market of 38 were 16 days less than March 2020 and just two days more than the reporting record of 36 set last November. March was only the fifth month in reporting history with average market days below 40. All five times have occurred in the past seven months.

Contos continued, “New listings are coming up, but because homes are selling so fast, inventory can’t keep up. The result is an increasingly thin range of options for buyers to consider. In many markets, buyers have to do this. ” Race for an offer – often above the list price – to get the home they want, and this competition creates an attractive environment for sellers. It’s difficult on either side of the equation, and RE / MAX agents use their industry-leading experience to help buyers and sellers get the best result. “

The highlights and local markets that provide various metrics for March include:

Closed transactions
In the 53 metropolitan areas examined in March 2021Average total home sales increased compared to 34.3% February 2021and by 15.0% compared to March 2020 when pandemic restrictions began. The leading factor was the percentage increase in sales compared to the previous year New York, NY at 62.6%, San Francisco, CA. at 37.9% and Miami, Florida at 36.9%.

Closed transactions:
5 markets with the biggest year-over-year increase

market

March 2021
Transactions

March 2020
Transactions

year for year
Year%
change

New York, NY

2.846

1,750

62.6%

San Francisco, CA.

5,590

4.055

37.9%

Miami, Florida

5.408

3,950

36.9%

Las Vegas, NV

4,683

3.474

34.8%

Honolulu, HI

990

741

33.6%

Median Selling Price – Median of 53 median underground prices
in the March 2021The median of all 53 underground median sales prices was $ 303,000by 4.5% compared to February 2021and by 14.3% compared to March 2020. A subway area Honolulu, HIThe average sales price fell by 4.7% compared to the previous year. Thirty-nine metro areas rose double-digit year-over-year, led by Boise, ID at 31.9%, Augusta, me at 21.6% and Pittsburgh, PA at 20.8%.

Median sales price:
5 markets with the biggest year-over-year increase

market

March 2021
Median sales
price

March 2020
Median sales
price

year for year
Year%
change

Boise, ID

$ 431,180

$ 326,900

31.9%

Augusta, me

$ 225,000

$ 185,000

21.6%

Pittsburgh, PA

$ 215,000

$ 178,000

20.8%

San Francisco, CA.

$ 1,145,000

$ 965,000

18.7%

Los Angeles, California

$ 622,500

$ 525,000

18.6%

Days on the Market – 53 subway areas average
The average market days for houses sold March 2021 was 38, four days less than average in February 2021and by 16 days from the average in March 2020. The metro areas with the lowest market days were Salt Lake City, UT with 16 and a two-way connection between Boise, ID and Seattle, WA The highest days on the market were on average Des Moines, IA at 94, Miami, Florida at 90 and New York, NY At 84th Days on Market, is the number of days between first adding a home to an MLS and signing a sales contract.

Days on the market:
5 markets with the biggest year-over-year decline

market

March 2021
Days on the market

March 2020
Days on the market

year for year
Year%
change

Boise, ID

17th

46

-63.0%

Salt Lake City, UT

16

36

-54.7%

Charlotte, NC

25th

47

-46.8%

Dover, DE

31

55

-43.6%

Indianapolis, IN

27

49

-43.6%

Monthly Inventory – 53 subway areas average
The number of houses for sale in March 2021 was 8.9% lower than February 2021 and by 45.2% of March 2020. Based on the rate of home sales in March 2021The monthly inventory decreased to 1.1 versus 1.7 inches February 2021and decreased compared to 3.2 in March 2020. A six month offer indicates a market that is equally balanced between buyers and sellers. in the March 2021All 53 metro areas surveyed reported a monthly supply below six, which is usually considered a seller’s market. The markets with the lowest monthly inventory were a four-way link between Albuquerque, NM, Denver, CO, Boise, ID, and Seattle, WA at 0.4.

Months stock:
5 markets with the biggest year-over-year decline

market

March 2021
Months
Supply of
inventory

March 2020
Months
Supply of
inventory

year for year
Year%
change

Providence, RI

0.7

4.5

-84.4%

Albuquerque, NM

0.4

2.3

-82.6%

Hartford, CT

0.7

4.0

-82.5%

Augusta, me

1.2

5.6

-78.6%

Denver, CO

0.4

1.8

-77.8%

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Via the RE / MAX network
As one of the world’s leading real estate franchisors, RE / MAX, LLC is a subsidiary of RE / MAX Holdings (NYSE: RMAX) with over 135,000 agents in more than 110 countries and territories. Nobody in the world sells more real estate than RE / MAX when measured by the transaction pages of residential real estate. RE / MAX was founded in 1973 by Dave and Gail LinigerWith an innovative, entrepreneurial culture that offers its agents and franchisees the flexibility to run their businesses with great independence. RE / MAX agents have lived, worked, and served in their local communities for decades, raising millions of dollars each year for Children’s Miracle Network Hospitals® and other charities. To learn more about RE / MAX, search for home listings, or find an agent in your community, please visit www.remax.com. For the latest news on RE / MAX, visit news.remax.com.

description
The RE / MAX National Housing Report is distributed each month on or around the 15th. The first report was distributed in August 2008. The report is based on MLS data in approximately 53 metropolitan areas, covers all types of residential property, and is not annualized. For maximum representation, many of the largest subway areas in the country are represented and an attempt is made to include at least one subway from each state. The metropolitan area definitions, with a few exceptions, include the specific counties established by the US Government Bureau of Administration and Budget.

Definitions
Transactions is the total number of completed transactions in residential areas during a given month. The monthly inventory offer is the total number of residential properties offered for sale at the end of the month (current inventory) divided by the number of (outstanding) sales contracts signed during the month. When “outstanding” data is not available, this calculation is performed using closed transactions. Days on Market is the number of days that elapse from the listing of a property until the property is contracted for all residential properties sold during the month. The median selling price is the median of the median selling prices in each of the metro areas included in the survey.

MLS data is provided by contracted data aggregators, RE / MAX brokers and regional offices. Although MLS data is believed to be correct, this cannot be guaranteed. MLS data is constantly updated so that each analysis is a snapshot at a specific point in time. The RE / MAX National Housing Report recalculates the data from the previous period every month to ensure accuracy over time. All raw data remains the intellectual property of each local MLS organization.

SOURCE RE / MAX, LLC