What a month.
As predicted in February’s report, the March median prices rose. They were up $145,000 to an even $2,100,000 – the third highest print ever. Chart on page 7..
The number of closings – at 36 – was twice February’s number. Closing detail on page 3.
The supply of homes imploded by almost 50% to a very normal 7.7 months. Chart on page 10.
The sold 12-month Moving Median broke to an all-time high at $1,875,000. Chart on page 7.
April 1st pending volume – at 48 -- remains in a healthy range. Chart on page 9.
The $2-3M sector was particularly impressive. 1/3 of all closings in March were in that sector. All sector breakdowns on page 4.
Also notable was the $3-5M price point. The supply of homes in that sector collapsed from over 31 months to just under 13.
After going up 5 months in a row for a total of $550,000 in increases, I am now forecasting a pull back.
With April 1st’s pending prices $350,000 lower than March’s sold median, my Pending Indicator – which has never been wrong – is now signaling a short term decline. The short-term Pending Indicator chart can be found at https://www.lagunagalleryrealestate.com/charts).
All of my reports, videos, and charts can be found at www.LagunaGalleryRealEstate.com.
Call me at 949-463-9152 for all your real estate needs.
Boyd Roberts, broker
Gallery Real Estate