As your real estate experts, we are continuing to monitor early Spring traffic and inventory for our clients. We are still seeing 19% of homes on the market in the past week go under contract and only 10% of new listings come on the market this week. This continues to support the trends we have seen over the years that “Spring real estate” starts on Dec 26th. Buyers say they want to wait until “Spring” which for sellers means late March/April. What this means to buyers though, is start the move process in April or later. That means they want to be under contract starting in March and start looking in January. (This then continues through the summer months.)
By having a 9% shortage each week of homes to choose, Buyers are going to need to make decisions quicker on homes of interest. These buyers also get to take advantage of pricing opportunities before the market heats up higher into spring.
We are anticipating a strong real estate market this year with no signs of drastic slow down. In homes priced $800,000 and up, we did see an increase in Days on Market, so plan accordingly to give yourself a buffer for a longer “days of market.”