Our marketplace saw a 108% week-over-week spike in closed residential listings during the first week of March. Start-of-month increases are typical, but this jump led to the largest single-week closed listing total since early October.
Housing inventory is a BIG issue right now, so far this year available inventory has declined over 14%. The biggest cause of this inventory shortage could be due to the fact that 84% of all outstanding Mortgages have an interest rate at or below 5%, and 63% of these are below 4%. The first 2 weeks of March we saw an incredible market shift, most well-priced homes are lasting less than a weekend on the market and going under contract with multiple offers, Open Houses are incredibly busy, and we are seeing the buyers market start to get competitive again!
What does this mean for you? OPPORTUNITY!
Sellers, this is THE time to get your property on the market. The lack of available inventory is at all-time high right now, and we are seeing over 90% of well-priced homes sell under 5 days with high demand. Let's talk about your options and our incredible marketing strategy to maximize your profits!
