New listings and prices up in March, but sales down compared to last year

Closed home sales went down again in March, but there are signs that the spring market (and hopefully the weather) is starting to warm up as new listings added in March went higher. Once again there continued to be an overall shortage in the number of homes for sale, which combined with strong buyer demand, pushed home prices up again.  (see graphs below – click on them to enlarge)

Links:

March 2014 Closed Sales News Release

Direct link to podcast with MAR President Peter Ruffini (coming soon)

Click arrow below to listen to podcast:

Highlights from the release:

  • March single-family home sales – Down 11.5% over last year. (2.698 sales in 2014 from 3,047 sales in March 2013)
  • March single-family median prices were UP 8.3% to $314,063. Eighteen straight months of increases
  • March condo sales up 4.2% and median prices UP 11.2% ($300,154)
  • Inventory in March Down 13.9% to 16,961 and Condominium available Down 23.7% to 4,733
  • SF listings added to the market in March Up 12% over last year. (7,110 from 6,343 in 2013)
  • Condo listings added to the market down 0.8% over last year. (2,651 from 2,671 in 2013)

March 2014 SF chart

 

 

March 2014 CC chart