Despite continued strong demand, limited active
inventory quantity and quality continues to
bottleneck sales. Buyers are waiting and jump
when fresh inventory arrives. March closed sales
were up 33% compared to the prior month, and
a 35% increase in new pendings will continue to
lift April and May closed sales.

While the market lacks last year’s intensity, the
best listings continue to sell quickly. The slight
increase in February may have been a reaction to
a temporary dip in interest rates. New pendings
also ticked up at that time.

Thirty-seven percent of March closed sales were
above full asking price, 21% were at asking and
43% were under. As shown in the “Under, At and
Over” chart, the “Over” sales are increasing while
the “Under” sales are decreasing. Expect the
Over-Asking percentage and market intensity to
peak just before summer as it has done the past
two years.