What’s Going On In Your Market?
For the first time in years we are seeing a stronger seller’s market. Demand for properties has continued to rise every month this year. There were 25 deals negotiated last month making it the most active month since April 2010. New supply in March was equal to February, and total inventory was also flat with 77 single family homes available on April 17th. In plain English – the buyers are rushing back to the market but the sellers are not – which translates into less choice for buyers and therefore more competition for the best properties. The proportion of homes sold in the first month they are available is up, and the number of homes selling for full price or above has also increased.
WHAT DOES IT MEAN?
For sellers this is the best time in recent history to sell your home. Demand is strong and inventory is low. Homeowners should be happy to know that these conditions create upward pressure on prices – so if this trend continues the value of your home will rise over 2012. For home buyers, shopping with reduced inventory and increased competition can be frustrating as good properties are often listed and sold quickly – have your pre-approval in place and be ready to act when you find the right home.
RE/MAX reports, “With buyers starting to jump into this market, this year’s selling season is shaping up to be the strongest we’ve seen in years,” said Margaret Kelly, CEO of RE/MAX, LLC. “Although we don’t expect home prices to rise in every market at the same rate, the worst is definitely behind us, and a slow, steady recovery is taking hold.”
For more information on Buying and Selling in today’s market, contact me directly at 617-512-4581 or by email.
BROKER, REALTOR®, ABR, MBA
Board Of Director, Women’s Council Of Realtors Northern Region
photo by: Stuart Miles