Q1 2021 was significantly disrupted by the winter storm in mid-February, resulting in delayed closings and delays to homes being listed for sale. Things certainly have bounced back in March and continue that trend with early data from April.
New listings bounced back in March, but still lag previous years a bit:
The sub-500K market has seen the biggest deterioration, as properties have appreciated in value and there are simply fewer homes with a market value in that price range:
You can see that in the big jump in homes priced between 500-999K:
Homes priced between 1-1.5M have seen modest year on year growth, and have really followed the pattern of previous years pretty closely.
And then new listings for the $1.5M+ priced homes saw a big drop in February (probably all those tankless hot water heaters freezing!) and then a big bounce in March.
If I look at things on a weekly basis for the year, you can see the impact of the freeze week on closings (week 8), which then bounced back the following week, and since then generally followed the weekly trends of previous years, until the end of March, where 2021 has been a little slower, most likely driven by a lack of listings.
All this to say that if you are considering selling, this is a great time to be doing it. If you need to buy something else as part of the process, then you need to start your search soon and work on a transition plan. Let me help you!
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