IT’S TIME TO WELCOME SPRING!
Spring is finally here and the housing marketing is receiving some much needed warmth. With winter’s deep freeze at an end, and prices rising, more sellers are likely to jump into the market in the coming weeks. There are plenty of homebuyers who are ready to purchase a home right now. This is good news for home sellers. According to the National Association of Realtors® (NAR), which recently released its February housing data, 34 percent of homes sold in February were on the market for less than a month. On average, the time on market for all homes was only 62 days in February, indicating that buyer demand is strong.
Essentially, the message has been the same as it has been for months. Now is the opportune time for sellers to put their home on the market. According to NAR, total housing inventory at the end of February rose to a 5.2-month supply. Be aware that the market is considered balanced with a six month supply of inventory. As more home sellers enter the market, there will be more competition and homes are likely to take longer to sell.
Additionally, new home construction is heating up in many areas and according to the National Association of Home Builders, building permits rose above 1 million units in February. That’s a lot of new construction to compete with.
While home sales were somewhat flat in February when compared to January, it wasn’t homebuyers who were holding things up. A tough winter certainly caused delays with open houses, showings and closings. Regardless, buyers were still anxious to take advantage of low interest rates and beat their competition before the upsurge of activity that is the spring market. What was the result of that buyer activity? Prices continued to rise across the nation jumping 9.1 percent in February when compared to February of last year.
To learn what is happening with rising prices, inventory and sales activity in the communities that interest you most, look to the graphs provided with this update. Even better, contact a Coldwell Banker Residential Brokerage affiliated sales professional today. A qualified sales professional can help you review your options and advise you on how you can act now.
Whether you are in the market to buy or to sell, call today and take advantage of this unique spring market.