Housing report

RE/MAX National Housing Report for March 2021

DENVER, April 19, 2021 /PRNewswire/ — March home sales jumped a third from February’s total as demand from hordes of eager home buyers pushed the median sale price above $300,000 for the first time in the report’s 13-year history. Meanwhile, the pace of sales picked up — to the fastest pace on record for the month of March — bringing an already stretched home inventory down to nearly half of what it was a year ago.

“It’s definitely a seller’s market right now, and homes are selling at a blistering pace, which is further exacerbating this historically low inventory situation,” said Adam ContosCEO of RE/MAX Holdings, Inc. “On average, homes sold last month were only on the market for 38 days, nearly three weeks less than March’s average of 59 days for the past four years.”

Although year-to-year comparisons are skewed by the onset of pandemic restrictions in mid-March 2020Real estate activity in the report’s 53 markets nationwide last month hit several notable milestones and barely missed another, including:

  • The median selling price of $303,000 increased by 4.5% compared to the previous record high report of $290,050 in February – and was up 14.3% year over year.
  • Inventories fell to a new low for the ninth straight month and were down 45.2% year-on-year.
  • The average monthly inventory supply set a report record of 1.1, eclipsing the previous low of 1.6 months in February. The figure for March 2020 was 3.2 months supply available.
  • The average days on market of 38 was 16 days lower than March 2020 and just two days longer than the report record of 36 set last November. March was only the fifth month in reporting history with an average days on market below 40. All five times have occurred within the last seven months.

Contos continued, “New listings are coming onto the market, but because homes are selling so fast, total inventory can’t keep up. The result is an ever-shrinking range of options for buyers. In many markets, buyers have to race to make an offer – often above the listing price – to get the home they want, and competition creates an attractive environment for sellers. sides of the equation, and RE/MAX agents use their industry-leading experience to help buyers and sellers achieve the best outcome.”

Highlights and local markets leading various metrics for March include:

Closed deals
In the 53 metropolitan areas studied in March 2021the overall average number of home sales increased by 34.3% compared to February 2021and up 15.0% compared to March 2020 when the pandemic restrictions started. Leading the year-over-year sales percentage increase are New York, NY at 62.6%, San Francisco, California at 37.9%, and Miami, Florida at 36.9%.

Closed trades:
5 markets with the highest year-over-year increase

Market

March 2021
Transactions

March 2020
Transactions

Year after year-
Year %
Switch

New York, NY

2,846

1,750

62.6%

San Francisco, California

5,590

4,055

37.9%

Miami, Florida

5,408

3,950

36.9%

Las Vegas, Nevada

4,683

3,474

34.8%

Honolulu, Hawaii

990

741

33.6%

Median sale price – Median of the median prices of 53 metros
In March 2021the median of the median selling prices of the 53 metros was $303,000up 4.5% compared to February 2021and up 14.3% compared to March 2020. A metropolitan area, Honolulu, Hawaii, saw a 4.7% year-over-year decline in median selling price. Thirty-nine metropolitan areas grew year-over-year by double-digit percentages, led by Boise, I.D. at 31.9%, Augusta, ME at 21.6%, and Pittsburgh, Pennsylvania at 20.8%.

Median Selling Price:
5 markets with the highest year-over-year increase

Market

March 2021
Median sales
Price

March 2020
Median sales
Price

Year after year-
Year %
Switch

Boise, I.D.

$431,180

$326,900

31.9%

Augusta, ME

$225,000

$185,000

21.6%

Pittsburgh, Pennsylvania

$215,000

$178,000

20.8%

San Francisco, California

$1,145,000

$965,000

18.7%

Los Angeles, CA

$622,500

$525,000

18.6%

Days on Market – Average of 53 metropolitan areas
The average number of days on the market for homes sold in March 2021 was 38, down four days from the average in February 2021and down 16 days from the average in March 2020. Metropolitan areas with the lowest market days were Salt Lake City, UT at 16, and a two-way equality between Boise, I.D. and Seattle, WA to 17. The highest Days on Market averages were Des Moines, Iowa at 94, Miami, Florida at age 90, and New York, NY to 84. Days on Market is the number of days between when a home is first listed in an MLS and when a sales contract is signed.

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

Market

March 2021
Days on market

March 2020
Days on market

Year after year-
Year %
Switch

Boise, I.D.

17

46

-63.0%

Salt Lake City, UT

16

36

-54.7%

Charlotte, North Carolina

25

47

-46.8%

Dover, DE

31

55

-43.6%

Indianapolis, Indiana

27

49

-43.6%

Months of inventory supply – Average of 53 metropolitan areas
The number of houses for sale in March 2021 was down 8.9% from February 2021 and down 45.2% compared to March 2020. Based on home sales rate in March 2021months of inventory supply decreased to 1.1 from 1.7 in February 2021and decreased from 3.2 in March 2020. A six month supply indicates an evenly balanced market between buyers and sellers. In March 2021, all 53 metro areas surveyed reported less than six months’ supply, which is generally considered a seller’s market. Markets with the lowest months of inventory supply were tied at four between Albuquerque, New Mexico, Denver, CO, Boise, I.D.and Seattle, WA at 0.4.

Inventory Supply Months:
5 markets with the largest year-over-year decline

Market

March 2021
Month
Supply
Inventory

March 2020
Month
Supply
Inventory

Year after year-
Year %
Switch

Providence, RI

0.7

4.5

-84.4%

Albuquerque, New Mexico

0.4

2.3

-82.6%

Hartford, Connecticut

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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About 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 more than 135,000 agents in more than 110 countries and territories. No one in the world sells more real estate than RE/MAX, as measured by residential transactions. RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative entrepreneurial culture offering its agents and franchisees the flexibility to operate their business independently. 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, to search real estate listings or find an agent in your community, please visit www.remax.com. For the latest news on RE/MAX, please visit news.remax.com.

The description
The RE/MAX National Housing Report is distributed each month on or around the 15and. The first report was distributed in August 2008. The report is based on MLS data in approximately 53 metropolitan areas, includes all residential property types, and is not annualized. For maximum representation, many of the nation’s largest metropolitan areas are represented, and an attempt is made to include at least one metro from each state. Definitions of metropolitan areas include specific counties established by the US Government’s Office of Management and Budget, with some exceptions.

Definitions
Transactions is the total number of residential transactions concluded during the given month. The monthly inventory supply is the total number of residential properties listed for sale at the end of the month (current inventory) divided by the number of sales contracts signed (pending) during the month. When “pending” data is not available, this calculation is performed using closed transactions. Days on Market is the number of days between when a property is listed and when the property goes under contract for all residential properties sold during the month. The median selling price is the median of the median selling prices in each of the metropolitan 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 accurate, it cannot be guaranteed. MLS data is constantly updated, making any analysis a snapshot at any given time. Each month, the RE/MAX National Housing Report recalculates data from the previous period to ensure accuracy over time. All raw data remains the intellectual property of each local MLS organization.

SOURCE RE/MAX, LLC