We predicted a few weeks ago that Spring inventory starts to accelerate in March. We saw a direct 5% bump in market activity in the past week as we roll into the first full week of spring. Part of this was stale listings going off the market, however a large percentage was either new inventory of listings coming on or homes closing out.
We are averaging around 3700-3800 Homes per week going under contract. If you are a buyer, this bump in inventory gives you a new set of homes to consider that didn’t exist before. The “under contract” numbers will pick up later this month, so acting earlier on Homes you like in March will give you a competitive advantage.
For Sellers, Spring Break usually depends on two things for traffic. Next week if the weather stays nice, we will likely have relocation buyers monopolize a large number of the showings. If the weather is poor, then showings will decrease. The clients out looking are motivated and serious next week as they likely need to make moves in the next 2-3 months.
If you aren’t seeing the traffic or offers you need to get sold, make sure to pay attention to condition and pricing to stay ahead of the competition coming on the market.