HouseCanary, a leading provider of residential real estate data and home valuations, has released its latest Market Pulse report, comparing data between April 2020 and April 2021, with a focus on how quickly homes are selling across the country.
When examining April 2021 year-over-year numbers, the Market Pulse report found that homes spent an average of 47.7 percent fewer days on the market last month, compared to 2020. Additionally, the national inventory shortage continues to drive prices higher, with the median price of all single-family closed listings up 29.8 percent, year-over-year.
“Last spring, the real estate market was rocked as a result of COVID-19 lockdowns, but what ensued was a housing boom marked by residential home prices hitting all-time highs, record low mortgage rates, and extremely limited inventory coupled with unwavering demand from buyers,” Jeremy Sicklick, Co-founder and Chief Executive Officer of HouseCanary, said via press release. “One year later, we are finally starting to see some positive developments on the supply side for the first time since the pandemic began. New listings are up 19.1 percent year-over-year, however, the number of listings under contract continues to outpace the increase in new listings, which leads us to believe that the supply shortage will hold strong in the short-term.”
Total Net New Listings:
- Since April 2020, there have been 3,045,485 net new listings placed on the market, which is an 8.8 percent increase versus the same period in 2019
- Percentage of total net new listings over the last 52 weeks, broken down by home price:
- $0-$200k: 20.6 percent
- $200k-$400k: 42.9 percent
- $400k-$600k: 18.8 percent
- $600k-$1mm: 11.6 percent
- >$1mm: 6.1 percent
- Percent change in net new listing activity over the last 52 weeks versus the same period in 2019, broken down by home price:
- $0-$200k: -18.2 percent
- $200k-$400k: +3.4 percent
- $400k-$600k: +30.8 percent
- $600k-$1mm: +54.9 percent
- >$1mm: +81.4 percent
Looking locally at California, HouseCanary found that there were 6,257 new listings for the week ending May 7, 2021. In state, homes are currently averaging just 19 days on the market.
You can full the full report here.