Last month’s statistics show us that buyers are entering the market earlier than usual this year, which means you need to act fast if you’re thinking about selling.
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What’s the latest news from our market?
Last month produced some very interesting numbers. Both sales and prices have been up the last few months, but February was slightly different.
Single-family home sales were actually down 8.7%. Year to date, they are down 0.6%. This is primarily due to the fact that inventory has been low and slowly decreasing. The good news is that the median sales price for single-family homes increased 6.2% to $215,000. The price of new construction was down 6.7%, and the price of resale property was up 15.1%.
As far as condos go, total sales were up 5.6% and the median sales price increased 3.5% to $119,000. Just like with single-family homes, inventory for condos has been shrinking, and last month it was down 4.3%.
Homes that are priced right and marketed right are getting great offers.
The average list-to-sale price ratio for homes was 97%, which is up 100 basis points from where it was previously. This means homes that are priced right and marketed right are getting great offers almost near asking price. The average list-to-sale price ratio for condos was 92%.
Since interest rates have been increasing, so many buyers are entering the market earlier trying to get ahead of the next bump. If you’re thinking about selling a property, you want to take advantage of this wave of buyers right now instead of waiting until the end of summer.
If you have any questions about our market or are interested in buying or selling, please don’t hesitate to reach out to me for a free, no-obligation consultation. I’d be glad to help.
Click below for the detailed report:
