March home sales were 25.4% higher than sales in February and 1.5% higher than March 2011. This represents the 9th straight month that sales have been higher than levels in the previous year. Good weather, low interest rates, attractive pricing, and improving consumer confidence have drawn many buyers into this year's growing market. Of the 53 metro areas included in the March survey, 33 experienced a year-over-year increase in sales, and 17 of those saw double-digit increases including: Wilmington, DE +41.8%, Omaha, NE +30.6%, Providence, RI +26.6%, Tulsa, OK + 26.0%, Chicago, IL +23.7% and Milwaukee, WI +21.4%

For homes sold in March, the Median Sales Price was $184,525. This represents a 7.3% price increase from February, and a 5.8% increase from the March 2011 median price. March marks only the second year-over-year price increase in 19 months and the first consecutive increase since August 2010. In the March RE/MAX National Housing Report of 53 metro areas, 36 experienced price increases from March 2011, with 10 seeing double-digit increases including: Detroit, MI +22.8%, Miami, FL +21.8%, St. Louis, MO +18.5%, Phoenix, AZ +18.2%, Atlanta, GA +13.7% and Orlando, FL +12.7.

For homes sold in March, the average days on the market was 101, which was two days less than the average reported in February, and three days less than the 104 average seen in March 2011. Only two times in the last 12 months was there a "days on market" average below 90: July and September 2011 both reported 88. Days on market is the number of days between first being listed in an MLS and when a sales contract is signed, says RE/MAX.

The average inventory of homes-for-sale in March for the 53 surveyed metro areas dropped 2.8% from February and also dropped 23.2% from March 2011. Month-to month inventories have now fallen for 21 consecutive months, mostly as a result of lower foreclosure rates. With the size of this active inventory, the resulting Months Supply is 5.3 months, given the current rate of sales. This is a month less than the 6.6 supply seen in February and almost 2 months less than the 7.1 supply in March 2011. Months Supply is the number of months it would take to clear a market's active inventory at the current rate of sales. A six-month supply is considered a balanced market between buyers and sellers.

Instant Insights /

Home Prices Surge, Signals Strong Selling Season

Related Stories

Recommended For You