The March 2021 real estate numbers are in!
Some numbers are good and some numbers are bad. So here goes….
Good indicators:
- New listings on the market were UP by 15.5% which means that more listings are coming on the market
- Average sale price is UP 12.5%. This is an amazing increase! It’s great to be a seller. If you have anything to sell, NOW is the time.
- Sellers are receiving 100.5% of the asking price on average which means that buyers are paying the asking price and MORE than the asking price for property.
Bad indicators:
- Sold listing are DOWN 8% . This is an indication that there was not as much inventory on the market this year as there was last year. Inventory was still shrinking.
- Days on Market is DOWN a whopping 44.2% meaning that all homes are selling within hours or days of them going on the market.
- We have .8 of a month for supply of homes on the market which is -55.6% change. Once again, there are more buyers than there is inventory.
The world is watching to see what will happen now that the eviction and foreclosure protection has been lifted. My prediction is that there will not be much change. As I have said in the video, one of my trusted mortgage lenders was on a national call where the representatives from FreddieMac and FannieMae made it very clear that there would be no bailouts for the banks. And they were encouraging the banks to do ‘whatever they can’ to keep people in their homes. Like adding months to the back end of the mortgage to cover missing payments or restructuring the loans to avoid foreclosure. And if foreclosures do start up again, we won’t see much of it for approximately another year because the foreclosure process takes time.