The market is choppy. Some listings are selling quickly and with multiple offers. However, this is happening less than the past three years and it is common to just have two offers rather than a handful. Other listings are sitting on the market longer or are needing to reduce the price in order to attract buyers. The inventory is higher than the past few years which gives buyers more homes to look. Correct pricing is a must for sellers serious about attracting buyers in that critical first two week period. Recent activity is strong which is a good sign as we enter the typical busiest month of the year in our market.
Here are a few key slides from the full slideshow below.
As more homes stay on the market for a longer time. Sellers need to compete by lowering the price. So far this year we are seeing quite a jump in price reductions throughout the market.
At the end of March 43% of of listed properties were already under contract. This graph shows the number of active homes on the market that weren’t already spoken for. The pool of showable listings is higher than at any point during the last five years.
