At first glance, and with no context, April’s 163.7% increase in properties sold (year over year) seems incredible. Bear in mind, however, that April 2020 was the first full month of the first lockdown, and when compared to total properties sold in April 2018 (2,024) and April 2019 (2,026), the actual increase in sales is smaller.
Remember back in December 2020, when the average sale price of a residential home was $603,880, and the average sale price of a condominium was $355,982?
Now, those numbers seem inexpensive, compared to prices just four months later.
Without a crystal ball, it’s anyone’s guess as to where the market is headed next. Some economists are suggesting the remainder of 2021 will continue to see strong sales and sale prices, with a “soft landing” and leveling off in 2022. Buyers are definitely ready for a break and a return to less competition and more choice.