SEATTLE, April 19, 2018 /PRNewswire/ -- (NASDAQ: RDFN) ? The median home sale price increased 8.9 percent in March from a year ago, the highest price growth in four years, according to Redfin (www.redfin.com), the next generation real estate brokerage. The median home sale price in March was $297,000 in the 174 markets that Redfin tracks.
The lack of homes for sale, down 11.9 percent year over year, continued to constrain sales, which declined 3.7 percent. The number of homes newly listed for sale in March fell 5.6 percent compared to a year ago.
"The Easter holiday fell early this year, which may have played a role in the decline in new March listings. Sellers are slow to list this year and we aren't seeing enough new construction homes to fill the gap," said Redfin chief economist Nela Richardson. "If we don't see the new listings number turn around next month or a pickup in new housing starts, inventory will be a persistent drag on sales for the remainder of the year."
Though seller enthusiasm is waning, buyer demand is strong, making for a highly competitive market. The typical home went under contract in 43 days, eight days faster than a year earlier and faster than any March on record. Among homes that sold last month, 23.9 percent sold above their list price, up from 22.3 percent last March. One in five (20.5%) homes that sold in March went under contract within two weeks of their debut, compared to 18.4 percent last year.
Seattle was the fastest-moving market for the second month in a row, joined by Denver. Homes in these metros were on the market for a median of just seven days in March.
Market Summary |
March 2018 |
Month-Over-Month |
Year-Over-Year |
Median sale price |
$297,200 |
4.4% |
8.9% |
Homes sold |
230,300 |
34.5% |
-3.7% |
New listings |
326,100 |
26.3% |
-5.6% |
All Homes for sale |
636,800 |
2.2% |
-11.9% |
Median days on market |
43 |
-10 |
-8 |
Months of supply |
2.8 |
-0.8 |
-0.2 |
Sold above list |
23.9% |
2.8% |
1.7% |
Median Off-Market Redfin Estimate |
$281,300 |
-0.8% |
6.1% |
Average Sale-to-list |
98.6% |
0.8% |
0.6% |
Strong price growth was not limited to hot coastal markets like San Jose, CA (32.3%) and San Francisco (16.7%). Places like Allentown, PA (21.8%), Detroit (20.6%) and Las Vegas (16.5%) are also experiencing strong price appreciation.
Inventory declined in 65 of the 73 most populous metros Redfin tracks in the full report. In 48 of those metros, inventory fell more than 10 percent compared to last year. Baton Rouge, Washington, D.C., and Allentown bucked the declining inventory trend, respectively adding 26.6 percent, 11.8 percent and 11.4 percent to housing supply from last year.
Other March Highlights
Competition
Prices
Sales
Inventory
Pricing Strategy
To read the full report, complete with data and charts, please visit the following link: https://www.redfin.com/blog/2018/04/market-tracker-march-2018.html
About Redfin
Redfin (www.redfin.com) is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $60 billion in home sales.
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, subscribe here. To view Redfin's press center, click here.
SOURCE Redfin
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