April was another strong month for home sales. The busy spring market continues to see many multiple offer situations driving sales prices above asking price. With such strong activity, by the time a property sale closes, the market may have already moved higher than that sold price suggests. Such markets can create stress and frustration for prospective homebuyers, who are frequently having to submit offers on multiple properties before they are able to secure a purchase.
New Listings were up 71.7 percent to 364. Pending Sales increased 45.6 percent to 345. Inventory shrank 39.6 percent to 612 units.
Prices moved higher as Median Sales Price was up 11.8 percent to $236,900. Days on Market decreased 19.5 percent to 99 days. Months Supply of Inventory was down 50.0 percent to 2.1 months, indicating that demand increased relative to supply.
In the spirit of the great Wayne Gretzky, buyers, sellers, and their agents are all trying their best to skate to where the puck, or rather, the housing market, is going, not where it has been. While housing affordability remains an area to watch as prices continue to rise, strong buyer demand and limited housing supply show no signs of easing soon, pointing to a continuation of this market trend through spring and into summer.