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

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.

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.

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.
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