Buyer Demand Drives Double-Digit Growth in Home Sales, Devouring Inventory

Share on facebook
Share on twitter
Share on linkedin
Share on pinterest

Seattle has the lowest supply of homes for sale on record

Denver is the fastest market of all time with homes selling in six days

Richmond home sales boom, up 47% over last year

Majority of homes in San Francisco now sell for over $1 million

Home sales leapt 10.1 percent in March compared with a year earlier, while the number of new listings increased 9.2 percent. Although more people are buying in 2015, increased supply has so far kept competition and prices in check. Year-over-year growth in home sales hasn’t topped 10 percent since September 2013.

Redfin analysis revealed continuing stable price growth last month, at 5.7 percent year over year. While 18.5 percent of homes sold above the asking price, that share is down year over year for the 17th month in a row. It was 19.5 percent in March of last year.

redfin-median-sale-price-yoy

But March was also the first month since December 2013 when the overall number of homes for sale shrank year over year, by 0.7 percent, even though the number of newly listed homes increased. New listings will need to keep pace with the high demand we’re seeing so far this year in order to prevent another national shift in favor of sellers. In the West, market conditions have already tilted further in the favor of sellers, according to the most recent survey of Redfin agents.

redfin-inventory-yoy

Other March Highlights

Prices

  • More than half of all homes in the San Francisco market are now selling for over $1 million. The region had the third-highest rate of price growth, at 17.7 percent year over year. The median sale price was $1,060,000 last month.
  • Denver had the highest price growth in the country. The median sale price surpassed $300,000 for the first time, rising 19.6 percent from a year ago to $314,900.
  • Median sale price prices in Baltimore ($230,000), Boston ($325,000) and Cleveland ($114,950) were flat compared with the previous year. The median sale price in Jacksonville ticked down 0.6 percent due to a 16.8 percent surge in new condo listings.

Sales

  • Richmond, Virginia, saw a 47 percent boom in home sales, with 1,308 properties changing hands, up from 890 in 2014.
  • San Jose home sales were about half of what they were last March. Only 713 homes sold last month compared with 1,412 a year ago.
  • Houston sales dropped slightly year over year for the third straight month. Sales were down 0.6 percent in March compared with 2014.

Competition

  • Denver was the fastest housing market on record in March. The average home in Denver was on the market only six days before going under contract. The mile-high city broke its own record, set in May 2014 when the average home sold in eight days.
  • There were less than two months of supply at the end of March in both Denver (1.8) and Oakland (1.9), while Seattle (2.2) pulled even with chronically supply-starved San Francisco for the first time. This was the lowest supply of homes for sale on record in Seattle.
  • Fresno has seen competition heat up substantially. Last March, only 0.9 percent of listings sold above asking price. This year it was 16.9 percent, the second-highest increase in the country, behind Denver (which increased 18.7% to 44.9%).

New Listings

  • 43 out of 51 metro areas nationally saw year-over-year growth in new listings in March. Leading the pack were Fort Lauderdale (25.3%), Riverside-San Bernardino (24.6%) and Sacramento (20%).
  • Providence (-14%) and San Francisco (-12.2%) saw the largest drop in March listings compared to 2014.

Data for the March National Market Tracker can be downloaded as an Excel spreadsheet.

For additional information:

Chicago Market Tracker

San Francisco Market Tracker

Washington, D.C., Market Tracker

Median Sale Price

Metro Median Sale Price Month-over-
Month
Year-over-
Year
Allentown, PA $165,000 3.1%
6.5%
Atlanta, GA $180,000 3.8%
11.0%
Austin, TX $259,800 4.0%
10.6%
Baltimore, MD $230,000 2.2%
0.0%
Boston, MA $325,000 0.0%
0.0%
Charlotte, NC $197,900 5.3%
8.4%
Chicago, IL $202,000 15.4%
15.4%
Cleveland, OH $115,000 20.0%
-0.0%
Dallas-Fort Worth, TX $210,000 5.0%
11.1%
Denver, CO $314,900 6.7%
19.6%
Fort Lauderdale, FL $185,000 -1.6%
9.5%
Fort Myers-Cape Coral, FL $200,000 10.8%
17.7%
Fresno, CA $219,900 6.0%
5.7%
Hampton Roads, VA $208,000 3.9%
5.1%
Honolulu, HI $500,000 1.0%
3.1%
Houston, TX $210,000 5.0%
7.7%
Hudson Valley, NY $400,000 7.4%
1.3%
Indianapolis, IN $145,000 6.9%
4.9%
Jacksonville, FL $165,000 -1.0%
-0.6%
Las Vegas, NV $190,000 0.5%
5.6%
Long Island, NY $364,200 1.2%
8.7%
Los Angeles, CA $487,200 1.5%
6.2%
Louisville, KY $155,200 7.1%
9.3%
Miami, FL $225,000 4.7%
4.7%
Minneapolis-St. Paul, MN $210,000 5.0%
10.5%
Nashville, TN $219,000 5.8%
10.1%
Oakland, CA $555,000 10.4%
6.8%
Oklahoma City, OK $153,000 -1.3%
1.3%
Omaha, NE $156,200 0.8%
5.8%
Orange County, CA $570,000 2.7%
4.6%
Orlando, FL $179,000 7.8%
10.5%
Philadelphia, PA $222,000 11.4%
6.7%
Phoenix, AZ $205,000 2.5%
6.4%
Portland, OR $282,000 2.5%
6.6%
Providence, RI $189,900 4.9%
4.3%
Raleigh-Durham, NC $228,500 10.4%
8.9%
Richmond, VA $209,000 4.7%
10.0%
Riverside-San Bernardino, CA $295,000 2.8%
7.3%
Sacramento, CA $305,000 -1.3%
6.4%
San Antonio, TX $185,000 -1.6%
10.2%
San Diego, CA $460,000 4.0%
7.0%
San Francisco, CA $1,060,000 8.7%
17.1%
San Jose, CA $880,000 8.6%
16.6%
Seattle, WA $385,700 7.2%
11.8%
Tacoma, WA $245,000 3.7%
7.5%
Tampa, FL $159,000 7.4%
11.2%
Tucson, AZ $177,000 4.1%
7.3%
Ventura County, CA $486,000 0.2%
8.0%
Washington, DC $359,900 2.8%
2.8%
West Palm Beach, FL $214,000 7.0%
12.6%
Wilmington, DE $198,300 0.1%
7.2%
Overall $267,500 4.3%
5.7%

Median List Price

Metro Median List Price Month-over-
Month
Year-over-
Year
Allentown, PA $ 199,900 14.2%
6.6%
Atlanta, GA $ 215,000 7.6%
13.2%
Austin, TX $ 299,000 1.4%
9.9%
Baltimore, MD $ 274,900 6.0%
2.0%
Boston, MA $ 369,000 5.4%
1.1%
Chicago, IL $ 259,900 4.0%
8.7%
Cleveland, OH $ 142,000 1.5%
5.3%
Dallas-Fort Worth, TX $ 235,000 4.4%
17.5%
Denver, CO $ 325,000 0.0%
10.2%
Fort Lauderdale, FL $ 270,000 1.8%
5.9%
Fort Myers-Cape Coral, FL $ 222,800 2.9%
22.4%
Fresno, CA $ 235,000 4.4%
9.3%
Hampton Roads, VA $ 232,500 1.3%
4.3%
Honolulu, HI $ 499,900 -4.8%
4.1%
Houston, TX $ 250,000 0.0%
12.0%
Hudson Valley, NY $ 469,900 -6.0%
-3.9%
Indianapolis, IN $ 160,000 14.4%
3.2%
Jacksonville, FL $ 197,300 -1.3%
9.7%
Las Vegas, NV $ 219,900 4.7%
13.9%
Long Island, NY $ 420,000 1.7%
1.3%
Los Angeles, CA $ 527,000 2.3%
5.6%
Louisville, KY $ 169,900 6.3%
6.3%
Miami, FL $ 310,000 0.0%
15.2%
Minneapolis-St. Paul, MN $ 244,900 -0.0%
8.6%
Nashville, TN $ 256,000 -1.5%
5.8%
Oakland, CA $ 579,900 3.9%
10.5%
Oklahoma City, OK $ 175,000 1.2%
9.4%
Omaha, NE $ 175,000 0.0%
7.1%
Orange County, CA $ 639,900 1.8%
7.0%
Orlando, FL $ 199,800 2.7%
11.1%
Philadelphia, PA $ 256,000 2.4%
6.7%
Phoenix, AZ $ 235,000 2.2%
7.3%
Portland, OR $ 310,000 0.0%
4.1%
Providence, RI $ 225,000 7.1%
2.7%
Raleigh-Durham, NC $ 255,000 2.0%
10.5%
Richmond, VA $ 239,000 2.6%
12.1%
Riverside-San Bernardino, CA $ 316,900 2.2%
9.3%
Sacramento, CA $ 469,000 4.4%
6.7%
San Antonio, TX $ 214,900 -0.5%
13.7%
San Diego, CA $ 515,000 3.2%
8.2%
San Francisco, CA $ 965,000 7.3%
13.5%
San Jose, CA $ 799,000 0.1%
8.1%
Seattle, WA $ 409,000 1.0%
7.9%
Tacoma, WA $ 267,500 4.9%
7.3%
Tampa, FL $ 180,000 0.1%
9.1%
Tucson, AZ $ 200,000 0.3%
5.8%
Ventura County, CA $ 580,000 5.6%
10.5%
Washington, DC $ 414,000 3.5%
4.0%
West Palm Beach, FL $ 259,900 -1.6%
13.5%
Wilmington, DE $ 230,000 4.7%
7.0%
Overall $307,100 3.0%
7.7%

Homes Sold

Metro Homes Sold Month-over-
Month
Year-over-
Year
Allentown, PA 522 47.0%
20.8%
Atlanta, GA 5,436 21.1%
7.1%
Austin, TX 2,346 29.4%
3.8%
Baltimore, MD 2,672 33.7%
25.3%
Boston, MA 3,241 30.2%
-4.6%
Charlotte, NC 2,449 40.5%
17.5%
Chicago, IL 7,419 30.0%
1.8%
Cleveland, OH 1,745 35.2%
11.6%
Dallas-Fort Worth, TX 6,819 30.6%
-0.2%
Denver, CO 4,177 40.5%
10.9%
Fort Lauderdale, FL 2,769 23.0%
2.8%
Fort Myers-Cape Coral, FL 1,938 32.5%
9.6%
Fresno, CA 688 28.4%
14.7%
Hampton Roads, VA 1,663 39.4%
16.0%
Honolulu, HI 676 88.8%
6.1%
Houston, TX 5,938 33.0%
-0.6%
Hudson Valley, NY 759 16.8%
29.5%
Indianapolis, IN 2,224 35.0%
11.1%
Jacksonville, FL 2,024 36.5%
19.0%
Las Vegas, NV 3,289 37.4%
8.1%
Long Island, NY 1,479 8.8%
10.1%
Los Angeles, CA 5,511 44.5%
11.1%
Louisville, KY 998 31.1%
11.5%
Miami, FL 2,907 21.6%
9.8%
Minneapolis-St. Paul, MN 3,919 49.3%
21.8%
Nashville, TN 2,275 37.5%
13.6%
Oakland, CA 2,079 42.5%
2.6%
Oklahoma City, OK 1,599 29.9%
4.2%
Omaha, NE 963 37.2%
7.7%
Orange County, CA 2,639 51.2%
14.1%
Orlando, FL 3,687 26.1%
25.9%
Philadelphia, PA 2,921 27.0%
12.8%
Phoenix, AZ 7,623 36.6%
18.7%
Portland, OR 3,050 42.5%
25.6%
Providence, RI 584 27.8%
-2.2%
Raleigh-Durham, NC 2,435 50.8%
19.7%
Richmond, VA 1,308 46.8%
47.0%
Riverside-San Bernardino, CA 4,529 38.4%
9.6%
Sacramento, CA 2,474 32.1%
11.3%
San Antonio, TX 1,853 11.0%
18.4%
San Diego, CA 2,872 28.5%
5.2%
San Francisco, CA 1,007 14.7%
-24.3%
San Jose, CA 713 -32.5%
-49.5%
Seattle, WA 3,654 44.1%
14.3%
Tacoma, WA 1,028 31.3%
15.5%
Tampa, FL 5,071 27.3%
23.5%
Tucson, AZ 1,153 29.8%
6.0%
Ventura County, CA 712 52.1%
28.1%
Washington, DC 5,889 38.0%
14.2%
West Palm Beach, FL 2,960 29.6%
10.2%
Wilmington, DE 547 31.2%
21.0%
Overall 139,233 32.9%
10.1%

New Listings

Metro New Listings Month-over-
Month
Year-over-
Year
Allentown, PA 1,113 45.9%
-1.2%
Atlanta, GA 10,026 25.1%
4.4%
Austin, TX 3,487 29.9%
5.6%
Baltimore, MD 5,064 39.2%
10.9%
Boston, MA 8,408 105.5%
6.2%
Chicago, IL 18,081 33.3%
12.6%
Cleveland, OH 3,390 49.7%
3.4%
Dallas-Fort Worth, TX 9,269 22.2%
-5.5%
Denver, CO 5,708 38.1%
3.9%
Fort Lauderdale, FL 1,658 26.1%
25.3%
Fort Myers-Cape Coral, FL 2,479 -0.1%
4.1%
Fresno, CA 1,118 24.9%
17.8%
Hampton Roads, VA 3,003 27.9%
1.5%
Honolulu, HI 1,155 14.1%
10.5%
Houston, TX 9,273 12.5%
7.5%
Hudson Valley, NY 2,062 48.1%
-5.0%
Indianapolis, IN 3,799 29.2%
2.1%
Jacksonville, FL 2,899 14.2%
5.7%
Las Vegas, NV 4,889 20.1%
5.4%
Long Island, NY 4,047 51.1%
-6.3%
Los Angeles, CA 9,209 20.6%
11.6%
Louisville, KY 1,863 43.4%
-5.9%
Miami, FL 2,371 12.2%
12.6%
Minneapolis-St. Paul, MN 7,807 38.4%
16.4%
Nashville, TN 4,065 38.8%
8.7%
Oakland, CA 3,142 26.9%
4.7%
Oklahoma City, OK 2,443 18.5%
2.0%
Omaha, NE 1,773 41.1%
7.8%
Orange County, CA 4,429 27.6%
19.2%
Orlando, FL 5,198 13.8%
7.8%
Philadelphia, PA 6,888 37.4%
5.2%
Phoenix, AZ 9,935 11.0%
-2.5%
Portland, OR 4,468 24.1%
13.4%
Providence, RI 1,212 53.6%
-14.0%
Richmond, VA 2,378 40.8%
17.5%
Riverside-San Bernardino, CA 8,343 20.7%
24.7%
Sacramento, CA 246 47.3%
20.0%
San Antonio, TX 2,949 10.4%
11.1%
San Diego, CA 4,649 18.5%
2.7%
San Francisco, CA 1,495 10.2%
-12.2%
San Jose, CA 1,849 30.6%
5.8%
Seattle, WA 5,150 28.5%
12.1%
Tacoma, WA 1,665 38.4%
11.7%
Tampa, FL 6,931 12.8%
14.7%
Tucson, AZ 1,958 8.7%
2.5%
Ventura County, CA 1,108 19.9%
9.6%
Washington, DC 11,302 43.8%
13.7%
West Palm Beach, FL 4,278 6.8%
5.3%
Wilmington, DE 1,157 36.4%
8.5%
Overall 225,066 27.9%
9.2%

Inventory

Metro Inventory Month-over-
Month
Year-over-
Year
Allentown, PA 4,840 5.9%
-6.7%
Atlanta, GA 33,012 -0.6%
-5.8%
Austin, TX 7,797 0.7%
-3.8%
Baltimore, MD 17,274 0.5%
10.7%
Boston, MA 21,075 5.1%
-12.7%
Chicago, IL 61,130 12.3%
11.6%
Dallas-Fort Worth, TX 22,448 -0.2%
-21.4%
Denver, CO 7,366 17.3%
-8.8%
Fresno, CA 2,750 -0.0%
20.5%
Hampton Roads, VA 11,890 1.8%
5.4%
Honolulu, HI 4,109 4.9%
-16.6%
Houston, TX 24,379 -1.2%
-0.7%
Indianapolis, IN 15,208 -22.0%
-25.5%
Jacksonville, FL 11,020 -0.4%
-25.0%
Las Vegas, NV 18,962 0.2%
-5.6%
Long Island, NY 17,553 4.0%
-0.8%
Los Angeles, CA 20,171 3.1%
7.7%
Miami, FL 12,238 -2.9%
-5.2%
Minneapolis-St. Paul, MN 21,775 5.8%
-5.0%
Nashville, TN 12,133 -17.8%
-25.0%
Oakland, CA 3,884 2.9%
-17.1%
Omaha, NE 4,115 2.4%
-17.8%
Orange County, CA 8,336 16.5%
35.4%
Orlando, FL 22,640 -3.3%
-19.3%
Philadelphia, PA 26,661 6.1%
2.6%
Phoenix, AZ 33,016 0.9%
-9.7%
Portland, OR 8,858 -6.1%
-25.6%
Providence, RI 4,953 2.4%
-3.0%
Richmond, VA 6,491 0.8%
3.5%
Riverside-San Bernardino, CA 27,970 4.0%
25.8%
San Antonio, TX 11,471 0.1%
7.0%
San Diego, CA 8,934 -3.7%
-10.5%
San Francisco, CA 2,255 0.9%
-5.3%
San Jose, CA 2,989 15.8%
31.9%
Seattle, WA 8,062 -5.2%
-23.6%
Tacoma, WA 4,648 -4.6%
-21.0%
Tampa, FL 29,168 -0.9%
-14.4%
Tucson, AZ 9,242 8.3%
11.5%
Ventura County, CA 2,187 -1.9%
-3.4%
Washington, DC 23,839 4.9%
6.3%
West Palm Beach, FL 18,006 4.0%
2.6%
Wilmington, DE 5,032 4.5%
-1.6%
Overall 645,045 2.0%
-0.7%

Methodology: Redfin’s National Market Tracker follows housing trends in the country’s largest metropolitan divisions (those with population 500,000 or greater) served by Redfin agents.  Analysis by Redfin is based on all residential home sales transacted on the multiple-listing service and supplemented by county recorder data where available.  Metropolitan divisions are based the latest definitions released by the Bureau of Labor Statistics.  To view a breakdown of these regions, click here.

Other popular posts:

1. Your Guide to Bringing Home a Rescue Pet

2. How to Secure a New Home After an Abusive Relationship 

3. Tips for Safe Holiday Home Decorating

4. How to Host an At-Home Dream Wedding

Share on facebook
Share on twitter
Share on linkedin
Share on pinterest
troy-martinredfin-com

Data Scientist

Troy analyzes real estate trends for Redfin’s research team. He previously worked as a consultant on data validation and visualization for the World Bank, an economist for the Bureau of Economic Analysis and an analyst at the Center for Labor Market Studies.

Email Troy
Search for homes by state
Scroll to Top