What effect is the Iran conflict having on the local market?
It seems like homebuyers are treating the war the same way as oil traders are: as transitory and not catastrophic. Today oil is trading in the high 90’s per barrel, futures contracts for June are around $89, and later in the year at $72. So the people and companies that make their living on predicting oil prices are betting their livelihoods on a temporary disruption.
It appears buyers are largely adopting the same attitude. They are out looking at homes and populating open houses in droves, but as I’ve posted about previously, we are seeing fewer contracts than might be expected based upon those numbers. So activity is robust and steady this year, but action on contracts is ebbing and flowing a little bit on a nearly weekly basis.
On the numbers front, we are down to a 1.1 months supply of homes on the market, which is down for consecutive weeks. The average days on market sits at 35. So the market is still tilted towards sellers, though there are buying opportunities for people with owners who don’t prep or who overprice their homes. If it’s time to consider buying or selling, reach out to me and we’ll discuss how to maximize your results in this ever-evolving market.
It’s a good life.
Chris
