Last year, about this time- it was chaos.
If a house came onto the market, I’d drop everything to get my client in the house THAT DAY to be able to compete again several offers (sometimes 10-12 offers on a single house for some Realtors!)
Right now, I have clients who are ready to look for homes. We have scheduled six showings for two days from now and *maybe* one of the homes will be under contract by that time.
Now, we ARE still a seller’s market, but it would be wrong to call it a HOT seller’s market. I’m a facts geek, so let’s talk facts to explain.
Here are the numbers:
March 2017 vs March 2018
On March 18 of 2017, there were 1400 active homes. In 2018 on the same date, there were 1378 active homes.
We have 2,034 active homes- that’s over 40% more homes available for sale than last year!
It’s a fairly comfortable market, though still a seller’s market. A home selling for under $300,000 will take about 2 1/2 months on average to sell. (Last year, it was closer to 30 days!!) If the home is selling for between $400,000 and $600,000, it’s closer to four months. Oddly, above $800,000 is currently selling in 2 1/2 months as well.
There are a lot more options for buyers right now than last year. What makes it a seller’s market, though? If the average sales time is under five months, it’s a seller’s market. If it’s over five months, it’s a buyer’s market- so now you know!
If you’re looking to sell, definitely go the extra mile with professional photos, staging, cleaning and de-cluttering- you can read more here! Sell Your Home!
And, as always, feel free to contact me with any questions!