Condo March report: median price up, but will that be true in April?
The numbers for what the real estate market did in March are out and we can see that the median price increased month-over-month to $483,750 but was less than what was a year ago when it was $488,975. While the median price per square foot increased to $624, above March 2019’s $622 but still below the highest price per square foot which we saw two years ago in March 2018 at $684.
Not surprisingly we saw fewer new listings, 344, this March as compared to last March, 387, most likely due to the effect of COVID-19 and the stay-at-home directive.
With 403 condos for sale in March we saw fewer than last year’s 541 but still more than we saw in the years 2015-2018. Keep in mind this doesn’t include new construction inventory which is typically not listed in the MLS.
Sellers had a good March seeing their listings on market for only 9 days, much better than last year’s 24, and more in line with what we were seeing 2015 onwards. Unfortunately with COVID-19 we can expect that days on market is going to lengthen significantly, especially for condos.
Fewer condos went pending in March than in February, again, most likely that’s COVID-19 holding buyers back when typically we’d see buyer activity increasing this time of year,