The numbers for the first quarter in our real estate market are in! I’ll go over those with you today.
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What’s going on with our housing market?
The first four months have been very good, despite the rumors floating around about the government changes, interest rates going up, and low inventory. Despite a 23.5% decrease in the number of homes for sale this year compared to last year, we’re still doing well.
Pending sales are up and the average sales price is up 3.2% at $217,302. It’s all about supply and demand. The fewer homes are on the market, the more demand there is, which increases prices for sellers. However, homes still need to be priced right to sell quickly.
The average days on market was 96 last year, which is down to 84 days this year. So, not only are homes selling for more money, they’re also selling more quickly.
Due to the shortage of inventory, we are seeing a lot of multiple offer situations. Buyers are getting discouraged as they go up against all-cash offers or offers with a large deposit. Luckily, we anticipate more inventory coming onto the market as we enter the second quarter, so buyers should have more to choose from and have a better chance at getting their offer accepted.
If you have any questions about the market or are looking to buy or sell a home, please feel free to give me a call or send me an email. I look forward to hearing from you!