Real Estate Market Update – Fewer Homes On Hand, Selling for More Money, Faster

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We have been seeing a lot of activity in our marketplace across the nation lately and our area is no exception. With low numbers of homes available for sale, an increasing number of homes selling faster plus average prices on the rise – it’s a great time to be selling a home.

Inventory of Homes Continues to Dwindle Down

For the first time in years we are in a seller’s market with just two and a half months of inventory. With fewer homes on the market, demand continues to rise – owing to the age-old laws of supply and demand. Two and a half months of inventory indicates that if no new homes were to appear on the market and market conditions remain the same, it would take that much time to sell all existing inventory.

Average Number of Days On Market Down

We are seeing a shorter average number of days on market as more and more buyers eagerly snatch up existing homes for sale. Currently at just 24 days on average for homes on the market before going under contract, sellers are enjoying phenomenal results.

Average Prices Have Gone Up

Right now our average price range is $670,000 indicating a 5.6% increase. Depending on the neighborhood and price point, many sellers are seeing their selling prices go up. Not only is this allowing them to afford more house when they upgrade to their new place but also for the first time in a long time there is confidence in the housing market.
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We are in a super strong sellers market that is equally as exciting for buyers given the phenomenal interest rates still available. In the mid 2’s to mid 3’s, buyers can lock in amazing rates that are expected to rise within the year. Sellers are getting 96% or more of asking price. The market couldn’t be better!

If you have been on the fence about selling your home we invite you to contact today to get a free home value report. We’ll give you an honest opinion of what you will likely sell your home for in today’s market. We look forward to helping you achieve your real estate goals!