The march home sales numbers have some ups and downs. Average and median home sale prices are up. The number of new listings is up from last month but lower than last year by more than 10%. Pending home sales were up from February and up slightly from March 2016.
I have highlight the neighborhoods in yellow where sellers on average are getting more than the asking price. When the inventory of homes is as low as it is now and the demand is high there are multiple offers and prices are bid up by buyers. I dislike the drama of the phrase “bidding war”, but that is how the media describes the situation.
As I wrote last week not all houses are getting offers the first day on the market. The average days on market is still over 50 and the median is over 25. Some of the houses selling the first day on the market are being “pre-sold” during a separate listing period before the listing period. These coming soon listings help real estate agents capture more buyer and seller leads.
The data used to create the chart was gently extracted from the NorthstarMLS and then sorted but never shaken or stirred. The data is deemed reliable but not guaranteed. There are few guarantees in life.
For more local real estate numbers please see Local market conditions and home prices.