A third of 2021 over, homes are still selling like hotcakes

As we bring April 2021 to a close, we surprise ourselves that a third of the year is already in the books.

Doesn’t it just seem like yesterday that we were not really celebrating Christmas and New Year’s?

But I digress. I hope you have all experienced a good and joyful first third of 2021.

The housing market, as I am sure you have heard, has been strong. Buyer demand for homes, both houses and condos, have been outpacing supply, and houses and condos sit on the market no longer than a week before they generate multiple offers. This has not just been happening in our state of California, but all over North America. As my clients inform me, when they sell their house in California with multiple buyers bidding on their home, so they must do when they look for a home in Texas, Arizona, Florida, North Carolina, and many other states.

Still, success is being found with those individuals and families who are looking to relocate to their new homes. As difficult as it is for buyers to get a new home, people are getting new homes!

Let’s look at some statistics for those of us who like to put numbers to the stories we are hearing all around us (source: Infosparks, MLS) :

First, median prices for the entire Multiple Listing Service (MLS) for our area in Southern California:

March 2021 – $680,000

March 2020 – $570,000

March 2019 – $553,000

So you can see, in just the past YEAR of Covid-19, median prices in our regions, Southern California, has increased astronomically from $570,00 to $680,000, an increase of 19.3%.

How about specifically for the city of Long Beach, California, where I do 75% of my business?

March 2021 – $657,750

March 2020 – $635,000

March 2019 – $555,000

It looks from these numbers, in the city of Long Beach, median prices made a bigger jump between 2019 and 2020 than from 2020 to 2021. Still, a significant upward trend.

 

Where will prices go from here? We don’t have a crystal ball, and it all depends on supply and demand, and interest rates. Where do you think things are headed?

Send me an email and share with me your thoughts.

I’ll share with your some April numbers as soon as I have them.

In the meantime, have a lovely month of May!