Before the onset of the pandemic last March, the first quarter of 2020 was a time of brisk sales, with single-family unit closings and dollar volume soaring over the same period the prior year. But if that was a strong quarter in normal times, we are truly in unprecedented territory now.
In the first three months of 2021, closed unit sales and volume in most of our markets increased dramatically over that notably robust first quarter of 2020. The frenetic pace of sales we’ve experienced since last summer has continued even as inventory has tightened, opening a considerable gap between supply and demand. The significant spread between unit sales and dollar volume is another key finding. Since the summer, gains in volume are consistently much higher than those in unit sales across our markets, a sign that more properties are transacting at higher price points.
Please read our 2021 First Quarter Market Watch for our full analysis, and feel free to reach out any time to discuss.