Since bottoming out in 2011, the total market (all categories of property) through 2018 has gained 117% in unit sales, and 164% in dollar sales. Single-family home unit sales are now 20% below the level recorded in 2005. Inadequate inventory of homes for sale is limiting sales. Prices are rising, and homes are selling faster than they used to.
2018 sales are tracking about equal to 2017’s. The main factors that have been affecting the market for the past two years remain in place: a strong national economy, rising demand for single-family homes, and an inventory shortage of good homes available for purchase.
Single-family home sales are still tracking slightly below last year’s pace, while condo, land and commercial sales are ahead. There were 3 homes sold over $1 million last month. And there may be a huge sale in December: the 190-acre Blackstone Ranch is going to be auctioned on Dec. 6, with a minimum bid of $19 million (see the related article posted on our web site).
March 2018 single-family home unit sales were the same as March last year; however, dollar sales were up 3%. Buyer interest continues to increase while inventory remains very limited. March condo sales were up; land sales were down; there were no commercial sales.
Buyer interest in single-family homes continues to increase while inventory remains very limited. The supply of good homes isn’t adequate to satisfy the demand. Homes in preferred locations are selling faster, and prices are rising.