At the beginning of the month we had 132 homes for sale where we had 278 at the same time last year! That is 52.5% fewer homes on the market.
We seem to be in a strange cycle with low housing inventory and sellers that would like to buy a new home, however they can’t find the home they’d like to purchase, so they are hesitating to put their homes on the market. When homes are priced correctly we are seeing 45.5% still selling in 10 days or less. This was over 62% last month for a slight slow in sales, but sellers are still getting 99.0% of their asking price on average.
With interest rates still below 3%, it’s a great time to buy, and with anxious buyers and limited inventory, it’s for sure a great time to sell!