Active Listings were basically flat from February. Mostly because sales were quite a bit higher.
Sales rose dramatically from February but are still seasonally low compared to the boom years.
Consequently, the Sales to Listings Ratio improved during March but is still dramatically lower than the boom years.
Sales rose dramatically from February but are still seasonally low compared to the boom years.
Consequently, the Sales to Listings Ratio improved during March but is still dramatically lower than the boom years.
The number of Months of Inventory is obviously low and is undergoing the expected seasonal variation.
The correlation between the months of inventory and the price changes is tremendously strong.
I expect April and May to be fairly similar to March - flat prices and a relatively stable inventory and sales picture. I fully expect sales to fall in the normal seasonal patter after that which will cause inventory to balloon further. This will raise the number of months of inventory and consequently prices will go down further.
We are 15.8% or $121,979 from the peak detached benchmark values and I don't see that changing too much over the next couple months. Things should get interesting during the late spring and during the summer months.
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