Above shows the combined numbers for Single Family/Townhomes & Condos. Sales are down 10.2% from last year. Sounds like a bad thing right? It’s really not necessarily – the reason sales are down is because Inventory (the number of homes available for sale) is also significantly down at 17.1% lower than last year. It’s the law of supply and demand. There is very little supply but a LOT of demand, so this is causing prices to go UP! Which is a good thing if you are a seller, but if you are a buyer, it’s getting tough out there and competition is fierce, so make sure your buyer’s agent is a strong negotiator and keeps you informed the minute new properties are listed.
The image above is showing the stats for Single Family homes. We are at 2.3 months of inventory which is the lowest figure I have seen in my 12+ years of selling real estate. It’s unheard of. It’s the biggest Seller’s Market we’ve seen since the “boom” years. The median sale price, as a result, has gone up 8.7% in only a year’s time. Buyer’s are willing to pay a little more this year for a nice home, because there isn’t much out there to choose from. Also as a result we are seeing faster closings and sellers are getting closer to their asking price.
Thinking about selling your home or interested in learning more? Contact us and I am happy to share the full statistics report with you and prepare a market analysis to see what your home could sell for in this hot seller’s market.