The first 3 months of the year saw a reduction in same month sales; April changed that trend. Even though we had 74% fewer properties available, we sold 14% more units in April 2021 than we did in April 2020. Pending contracts - contracts that are executed but not yet closed - were also up 16% over the end of last April, promising the continuation of a strong market.
Although the number of properties sold in the first 4 months this year were 3% lower than the comparable period of last year, the average price was an astounding 31% higher and the median price was 28% higher for sales during that period.
One surprising continuing trend is that the price per square foot of resale homes is about 6% higher than the price per square foot of new homes. Historically, new homes have sold for much more than resale homes.
As a reminder, our data includes sales not only of detached single family homes, but also of condominiums, townhomes and homes on acreages, covering all the expanded choices buyers enjoy in our modern market.
The table below shows a breakdown of units sold as well as the percentage increase in average and median prices for each type of residential property sold during the first 4 months of 2021 compared to the same months in 2020:
|Homes on acreages