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.
• Single Family Closed Sales were up 24.3% to 6,840.
• Townhouse-Condo Closed Sales were up 62.2% to 2,387.
• Adult Communities Closed Sales were up 38.7% to 674.
• Single Family Median Sales Price increased 20.1% to $425,000.
• Townhouse-Condo Median Sales Price increased 8.6% to $315,000.
• Adult Communities Median Sales Price increased 23.5% to $260,000.
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.