A lot can happen in a month in our real estate market, let alone a year. Here’s how things have changed.
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I’ve got a quick update for you. The spring market is upon us and inventory levels are still very low. That’s driving prices up in certain areas, as well as driving sales down.
I’ve got a quick update for you. The spring market is upon us and inventory levels are still very low. That’s driving prices up in certain areas, as well as driving sales down.
From January to February of this year, sales dropped by about 3.7%. However, sale numbers are still 5.4% higher than they were at this point last year. Inventory is 6.4% lower than it was at this time last year.
Right now in the Northeast, we are seeing a sharp 13.8% decline in sales from last year due to this low level of inventory.
First-time buyers make up a large portion of the market.
First-time homebuyers make up a large segment of our market. Right now, they make up about 32% of buyers. In the price ranges they are looking in, mostly under $300,000, we are seeing multiple offers and bidding wars because there are not a lot of properties out there for those buyers to choose from.
Last year, we had about 1,600 homes on the market, but only have 1,100 on the market right now. If inventory continues to drop, prices will continue to go up.
If you have any questions for us about the market or about real estate in general, give me a call or send me an email today. I would love to hear from you.
