Home prices have increased since January, with the average home price of $736,371 being 7% higher than the January average of $688,128. The March average price is still 10.1% below the market peak in April of 2022 when the average home price was $818,611. Home prices have been increasing the past several months because home inventory continue to stay extremely low. The 2,901 active listings at the end of March is 21.6% below the pre-Covid 5 year average (2015-2019) of 3,699 homes for sale at the end of March. There were 2,580 homes that closed in March, so there is just over a 1 month supply of homes available for sale. Home prices typically increase when months in inventory is less than 3 months. Despite the low home inventory, it is taking substantially longer for homes to sell. It took 38 days on average in March for a home to go under contract. This is 30.3% higher than the 5 year pre-Covid average of 29 days to go under contract in March. In March 2022 the average was only 10 days. Homes are selling, but it is taking longer to sell. The 3,314 new listings in March were 18.4% below the 5 year pre-Covid average of 4,062 homes. Without more homeowners listing their home for sale, inventory will continue to stay low as buyer demand is matching the current inventory coming on the market.
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