Sales increased to all time highs in both March and April this year during a buying frenzy like we've never seen before. It was believed that the highs of 2016 could never be beat... until we've seen the unthinkable this year.
We are starting to see Total Inventory (TI) rise during the spring as expected every year. Not surprisingly, we are now in the positive territory for year-over-year TI change. This is of course as a result of the pandemic causing suppression of TI in April of 2020. It is certainly nice to see some inventory come out on the market as it appeared quite bleak for the past 6 months.
We are seeing record highs in New Listings what we've never seen before. It is more than making up for the spring market we missed out on in 2020. I expect the record monthly new listings to come down to the mid-7000s in May. We should see higher than expected new listings for the rest of the year as the pandemic lockdowns come to an end.
Months of Inventory is second only to 2016 all year so far but we may see this year get beat by 2017 as sales start to cool in May. But it is still well within the seller's market (seller's market is under 4.5).
We are seeing delistings rise month-over-month a bit more than expected in April. We should continue to see monthly delistings rise in May which has a suppressive effect on the Total Inventory.
