Main Content

Seller’s Market is Hot in March 2021

The Real Deal

Everything Real Estate in the San Fernando Valley
Wednesday March 10, 2021
Seller’s Market is Hot in March 2021

According to Redfin the “sale-to-list price ratio,” a metric identifying how close the market is to selling at listing price, homes were selling for 99.6% of their asking price during the first half of February 2021 and rising to 99.9% at the end of the month. This signals a very strong seller’s market, which is supported by a myriad of evidence. When the “sale-to-list price ratio” is this close to a 1:1, housing prices tend to increase.

During February 2021, the median home price was up 16% from February 2020 sat around $323,600.00 (down from the record high of $347,475), which is the highest it’s been in half a decade. Another indicator that this is a seller’s market, and that prices will increase, is the speed at which homes are coming off the market; in February 2021, 55% of homes were grabbed up within 2 weeks of entering the market; this is up 11% from February 2020.

While mortgage rates are slowly increasing, currently at 3.02%, the number of mortgage applications were up by 2% week-over-week on February 26, 2021. All-in-all, the market heavily favors the seller at this point in time.

At the Chernov Team we understand that knowledge is power, and knowledge of how the market is leaning is powerful knowledge indeed. At the Chernov Team we know that whoever comes to the table most prepared leaves with the most, and the Chernov Team always leaves the table with the most.


Stay Connected

Sign up to Access:

Exclusive private listings S.F. Valley market insights VIP events

Thanks for signing up!
By signing up you agree to our Terms & Conditions

More Blog Posts

To Love
Monday April 12, 2021

During your hunt for the perfect home, you’re bound to be disappointed when you spot a perfect home only to disco...

Read Full Post
Wednesday April 7, 2021

Square footage is the general measurement of how much floor space a given property has, and it is derived using bas...

Read Full Post
Monday April 5, 2021

Home prices have been soaring in Southern California, and many would-be buyers are exploring obscure financing opti...

Read Full Post
Wednesday March 31, 2021

According to the S&P Corelogic Case-Shiller national price index, which measures housing prices across the country,...

Read Full Post