Monthly Market Update March 2020

Let’s start with  the basics – the ARMLS numbers for March 1, 2020 compared with March 1, 2019 for all areas & types:

• Active Listings (excluding UCB & CCBS): 11,003 versus 18,959 last year. Down 42.0% from last year and down 8.1% from 11,974 last month.
• Active Listings (including UCB & CCBS): 15,776 versus 23,197 last year. Down 32.0% from last year and down 1.5% compared with 16,015 last month.
• Pending Listings: 7,215 versus 6,119 last year. Up 17.9% from last year and up 20.9% from 5,969 last month.
• Under Contract Listings (including Pending, CCBS & UCB): 11,988 versus 10,357 up 15.7% from last year and up 19.5% from 10,030 last month.
• Monthly Sales: 7,450 versus 6,522 last year. Up 14.2% from last year and up 15.3% from 6,461 last month.
• Monthly Average Sales Price per Sq. Ft.: $185.11 versus $168.65 last year. Up 9.8% from last year and up 1.6% from $182.20 last month.
• Monthly Median Sales Price: $295,000 versus $264,000 last year. Up 11.7% from last year and up 1.8% from $289,900 last month.

So, what does this mean for you? Well, it depends on if you are a buyer or a seller. In a nutshell, the supply situation is even more extreme than last month. Rapidly rising prices have done little to dampen demand. If you are looking to sell, this is great news. If you are looking to sell, now is the time! If you are looking to buy, finding that perfect home might be a bit tough right now.

According to the Cromford Report, the supply of active listings without a contract is down 42%, making life extremely difficult for buyers. New listings are still arriving more slowly than normal and year-to-date we have experienced a shortfall of 10% compared to 2019. Supply continues to fall quickly across most of the market with only the 55+ areas and the very high end maintaining a steady supply of active listings, albeit still below normal. New homes are increasing their share of the market, but most of them are not listed on ARMLS so they are not a factor in the numbers listed above. Higher prices are supposed to suppress demand, but they have not risen nearly enough to have any effect so far. Rising demand and falling supply will inevitably lead to higher prices over the next few months.

We’ve said it once, but we will say it again: In this crazy market, it is imperative to have a seasoned professional on your side whether you are listing your home or looking to buy. If you are looking to buy, it is important that your real estate agent really knows what is out there for you. Make sure you are partnering with someone who is willing to scour the ends of the earth for you! Also, we have noticed that seller’s are reluctant to accept offers based on contingencies right now, so having an agent that knows how to write an exceptional offer is going to help you immensely.

If you are thinking about selling your property, having a trusted agent will help you know exactly how you should condition and price your home so that you can maximize your return. Lucky for you, we have a team full of awesome agents that are willing to work with you to make great things happen whether you are a buyer or a seller. A complete listing of our agents can be found here. Be sure to reach out to them if you have questions, they will be happy to help!