Spring is in the air, and for many, it's not just the blossoms and warmer weather that's exciting - it's also prime time in the real estate market. As a homeowner or prospective buyer, this season brings a flurry of activity and opportunities that are too compelling to overlook.
For starters, let's address the elephant in the room - pollen. It's a nuisance for sure, but don't let it keep you from exploring the vibrant real estate market. This March isn't just about St. Patrick's Day celebrations; it's also about the green shoots of growth in property sales and values.
The real estate market has been buzzing with activity. February saw some fascinating trends. Did you know we're now entering the peak of the contract-writing season? March through May is traditionally when the most homes are listed, and offers are made. This is the time to act, whether you're selling or buying.
Let's dive into the numbers from February to get a better understanding of the current market dynamics:
To the Update!
It is interesting to se that the price year over year continues to climb. We saw the average price in the month of February rise to $589k which was up 11.2%. Yes you are seeing price reductions, though when they get into the right area on price, they sell. That does not mean prices are coming down, just list prices are adjusting to where the market is...and the market is still up compared to last year.
Average Days on Market:
So the days on market look like they are rising, though they are lower by 6.5% from last year. We are seeing 43 days on market for the average home. As we enter the Spring market, we will see more options for buyers come on the market creating a little more days on market as buyers jump from home to home. Still a very very healthy timeline for your home to sell.
Average Months of Inventory:
Here is where we see a little jump in the numbers and yet historically still a super low inventory market. We jumped 23.5% in inventory in February. It is almost as if Spring came early... 2.1 months of inventory is still overhanded for the sellers in this market.
New Listings on the Market:
Another huge month for listings in February. We saw 1,986 homes go to market which was up 35.4% which is robust to say the least. As I said before more people are feeling confident on listing their home and with the equity they have make it affordable to trade up or down. I think we will continue to see an increase in new listings as we continue to approach Summer.
Homes Under Contract:
Here is what is driving the listings to go on market. The buyers are out there and are confident as well. You have some of the best qualified buyers in this market due to the fact that borrowing money is not so cheap. 1,625 homes went under contract and was up 15.6% from last year.
Closed Homes:
We are on the uptick for closed homes, which is that last of the lagging indicators for our market. Having our contracts up is good, though when our closings are up year over year that means we have bottomed out and are most likely on our way back up. 1,267 homes closed which was up 10.3% from last February.
So, what does this all mean?!
So, what's the takeaway for those in the market? Buyers are undeterred by current interest rates, seeing the value in owning a home versus paying high rents. With the economy remaining strong and inflation rates influencing the Federal Reserve's decisions, waiting for lower rates might not be the best strategy. Home prices are likely to continue their upward trajectory, and delaying a purchase could push you out of your desired market.
For homeowners, it's an opportune time to leverage the equity in your property, whether you're thinking of upsizing, downsizing, or simply making a change.
If you're navigating these dynamic times in real estate and have questions or need advice, feel free to reach out. Let's seize the opportunities this spring brings and move forward confidently in the market!
Onward
