The pendulum has swung past the mid line and buyers are swarming the limited supply of available properties. There has been a buying frenzy the past two months with competing offers on well priced properties with consideration to condition.
What’s Hot? Everything!
For SINGLE FAMILY PROPERTIES year-to-date through February, there have been 3971 sales, up 13.7% from a year ago. Average days on market is down 13.8% at 106 days from 123 days last February. Most significant is the drop in the number of active listings with 8,082 properties on the market through February, down 39.7% from 13,393 last year.
An even more dramatic shift for the CONDO market with 994 sales year-to-date, up 11.6% from a year ago. Average days on market plunged 21.7% to 101 days from 129 a year ago. Again the biggest news is on the supply side with 2,004 available properties, down from 3,965 at this time last year. That is a decrease of 49.5%!
What does all this mean?
If you are thinking of buying OR selling, take action. The market is shifting to the advantage of sellers and if you have been thinking of selling, now is a good time to take advantage of the low supply. There are still plenty of good values as market values have declined for most of the past five years but we will start to see values appreciate in the coming months as these trends continue.
|SINGLE FAMILY STATS|
|MULTI FAMILY STATS|