Typically this time of year we start seeing a great slew of inventory hit the market in preparations for summer sales...this year we are seeing more homes hit the market though the number of homes on the market does not seem to reflect whats going on.
Well we are seeing a tremendous increase in buyer demand not just locally though outside our area and state. I am working with SEVERAL clients who have the cash or means to jump on a home and pay way over asking price to win. It is nuts right now and I am not sure that we will see this lighten up as other markets start to open up more and their natural sales cycles kick in....
Hang on to your seats for the wild ride we may be going on.
To the Update!
Average Sales Price:
March Madness was in full effect. The average price in March was $460K which was up an astonishing 17.6% over the same time period of last year. It has been climbing up since the Summer of 2020, we will most likely see this trend as we have low inventory and with homes selling over asking price its just going to push it up. Not to mention the new construction is pushing the pricing with many neighborhoods due to demand as well as supplies.
Average days on market:
It takes about a Month to sell your home. Our Average Days on Market for a home are at 31 days, which is down 49.2% from this time frame last year. This has held the same since November, which maybe it means it bottomed out...though if we do not see more listings come on it may go down. If you are selling your home it should take up to 2 months to sell, depending on area, condition and most importantly Price.
Average months of inventory:
It seems the buyer demand is getting crazier as we approach Summer... We are currently sitting on .8 Months of Inventory, which is down 77.1% from last year. As we continue to have high buyer demand and shortage of sellers we will continue to see this trend hold as well as prices remain steady if not increasing due to lack of homes.
New listings on market:
This is huge, though may not seem with the inventory levels so low. We had a big leap in New Listings hitting the market at this time of year. In March we saw 2.449 new listings hit the market, which was UP 6.9%, which is the direction we are hoping for, though with the demand so high it does not translate with amount of Homes on the market.
Homes under contract:
As inventory comes on...it goes off...the demand right now is like nothing I have seen in 15 years. It is everything I have heard about from friends that work the San Diego markets etc... just people coming in and throwing over asking price offers with little contingencies..and still loosing! . March saw 2,529 Homes go pending which was up another 54.6%.
Closed Homes:
No surprise here, with the amount of contracts that are pending we are seeing record months with closed homes. In March we saw 2,168 Homes go to the Closing table which was up 28.4% since last year.
SO what does this all mean!Well if you are a local home owner and you would like to sell and move, though keep hearing how crazy things are and are concerned about being "homeless" please reach out to me so I can share some strategies and plans that are working for my current clients! They are seeing success and you can too!
If you are in the market for a home, make sure you get with the right agent. More than ever it is important to have a well trained negotiator on your side even if you are making bids over asking. Sometimes terms may help out more than price and several of my clients are seeing that as in March we put around 11 homes under contract.
I would love to connect so please as always, reach out with any questions!
Onward.
