March 2021 Market Report
The Spring Market Began in January & Continues to Accelerate
New listings up 10%
Listings Pending Sale up 95%
Luxury House Sales up 87%
At the beginning of the new year, it is not unusual for buyers to jump back in much sooner than sellers, putting demand ahead of supply and accelerating the market as spring gets underway. When demand surges while new listings lag behind, buyers must increasingly compete, often heatedly, for appealing homes. This imbalance in supply and demand adds considerable pressure to the market with overbidding and price increases becoming much more common. And this has occurred with a vengeance in early 2021, especially within the city’s house market.
This report will look at median house and condo list and sales prices, supply and demand from a variety of angles, the surge in luxury home sales, and the recent jump in interest rates.
The charts are meant to be self explanatory but your questions are always welcome.