Inventory is still driving this market!
Last months news of increasing inventory has retreated somewhat. While we did hit a new high this week in inventory levels in terms of raw numbers (7,889) that is still a far cry from the 8,900 homes we had on the market the same week last year. Additionally the increase in the raw numbers has been very gradual without the traditional Spring spike.
What does that mean for buyers? That means that you still have to move swiftly and aggressively when you find a property that suits your needs that is also properly priced. For the most part there is no need to rush with over priced homes no matter what their condition.
For home sellers? If you have your home ready for market and have a top notch agent promoting your home and you nail the pricing you will be a happy camper. However, we are still seeing over priced yet otherwise attractive listings sitting. Call me to discuss the best pricing strategy for your home given condition and timing considerations.
As far as rentals go we are at a 1.2 months supply of rentals which is very tight.
Our groups consensus for the coming months is that we just might be in for a little summer pause in the pace of sales so buyers and sellers it’s time to make things happen!
It’s a good life.