April is All About Perspective
April’s market trends require perspective to fully understand the big picture of what’s happening in real estate today.
In the entire residential market, it took twice as long to sell a house so far this year compared to last. While that sounds alarming, and the 100 percent increase is accurate, when you realize that means the median went from six days on the market in 2018 to 12 in 2019, it doesn’t look so bad. Less than two weeks on the market is still fast. That’s what seems to be going on right now: some stats look like the sky is falling, but when put into perspective you can see why prices continue to go up.
Average Single-family Home Price Hits New High
The average single-family home price hit a new high of $553,371 at the end of April and reached a year-to-date high of $527,244. The average condo price was up 2.62 percent from March, ending the month at $368,565; up 2.17 percent year to date.
More Housing Choices and More Demand
April ended with 7,012 active listings. In the past four years, active listings in April were in the low 5,000’s. We are up 36 percent year to date compared to last year. That is significant; yet we are in a seller’s market in every price range. Overall there is only 1.5 months of single-family and condo inventory. That is much lower than the 5-6 months needed to equalize the market between buyers and sellers.
Notably, 7,518 new listings hit the market in April, up 21.28 percent from March – and buyers swooped in with 19 percent more homes under contract month over month!
Luxury Market Loved April
The Luxury Market (homes priced $1 million+) saw pricing, number of homes sold and overall sales volume increase in April compared to the previous month and year. Last month, 234 homes in the segment sold, up 32.2 percent month over month and 4 percent year over year.
More choices, more contracts and prices still going up. No matter your perspective, these sound like good market conditions overall.