Taking a closer look at supply, we can see that total active listings increased slightly over the last month. However, an increasing percentage of these are under contract accepting backups (or claim to be), and if we look only at actives without a contract this number declined from last month. A decline between February 1 and March 1 is usually a clear signal of weak supply, and so it is in 2017, although the supply is much weaker at some price points than others. The greatest percentage rise in active listings over the last month was for $800K to $1M which saw an increase of 10%.
Turning to demand we see a healthy increase in closed sales, up more than 12% compared with a year ago. However the comparisons of pending listings and under contract listings are not as impressive, down 0.3% and up 0.4% respectively. Slightly mixed signals here, but certainly not bad news. As you would expect with weakening supply and strengthening demand, prices continue to rise. The monthly median has finally broken above $225,000 again and reclaimed the $230,000 mark we last saw in October. The more dependable average price per sq. ft. number continues to inch higher with overall appreciation close to 5%.
Under $200K, total supply has fallen another 20% since last year, when it was already tight, so buyers looking for homes in this price range are going find it tough going, as they have for a long time now. Between $200K and $2M, supply is down about 10% compared with this time last year. However demand has grown much more strongly for the $200K to $600K range than above $600K, so the balance in the market favors sellers under $600K but is more balanced above $600K.