Time to look at the housing market behavior.
Generally speaking, inventory in the GRAR area has further decreased, and likewise sales, while in the last month listings have seen an uptick. Residential new listings have been in line with the same level of last year (833 in January 2019, vs. 835 in January 2018) multi-units have dropped by 34.4%. Vacant land instead has witnessed a sharp increase, from 82 new listings in January 2018 to 143 last month.
Closed sales have dropped by 8.4%, both compared to last year and year to date. However total volume has increased by 6.7%. The good news for homeowners is that property values have increased on average by 16.6%.
The average home now sells at $230,545 based on closed deals, while the pending suggests an even higher value, at $235,281.
No matter at how we see the market, it is going to be another hot season. Snow is melting, buyers are very active, competition abounds. My personal experience suggests multiple offers – up to 24 already! – over $20,000+ above asking price, and more properties sold before broadcast.
Sellers, time to make your move. Waiting won’t give you an advantage: low inventory is driving prices up. Buyers do not sit on the fence. You’ll probably have to go through a few biddings before securing your dream home. And if you are planning to buy contingent to marketing your house, do so with confidence. Your own property will sell in a matter of days, if not hours!
Happy realestating everyone!