Spring has sprung, but what does that mean for our real estate market?
To start, let’s look at the latest numbers from February and how they compare to February 2019:
- The number of homes sold dropped from 1,091 to 1,051
- The average sales price rose from $217,000 to $220,000
- The average days on market rose from 100 to 104 days
- The absorption rates dropped from 2.44 months to 2.18 months
- The number of active listings dropped from 3,600 to 3,200
- Interest rates dropped from 4.37% to 3.5%
“Interest rates are absolutely unbelievable at the moment.”
I don’t buy into the idea that you have to wait until a little later in the year to take advantage of the market. Whether you’re buying or selling, you can take advantage of it now.
If you’re a buyer, interest rates are absolutely unbelievable at the moment. If you’re a seller, there are a lot of serious buyers out there, and if you wait until April or May to list, you’ll have to compete against a lot more listings, so put your home on the market now and beat the competition.
Now for my quote of the day:
“Your success is based on how many uncomfortable conversations you are willing to have.” - Tim Ferris
If you need help buying or selling or have any questions about our market, don’t hesitate to reach out to me. I’d love to help you.
