Now that we are well into the usually bustling Spring season, it’s a good time to take stock of the market. Inventory popped up just a tad last month, but the average since November remains at just under .8 months, so in terms of the number of available listings we are on par with where we were a year ago. Sustained low inventory has been the main force driving this highly competitive market and has also contributed to steadily increasing sales prices. Comparing just the first four months of this year to last year, we have seen an 11.3% percent increase, bringing the average to $605,600. Yipes! One major factor that may usher in some change is rising interest rates. We most likely won’t see the impact of this for at least another month, but it is definitely something we want to keep an eye on. While we know that the higher rates have hit some of our buyers a little hard, we are hoping that overall it brings more balance to the market, benefiting everyone in the long run. Time will tell.
Project: Real estate brokerage’s monthly newsletter distributed to colleagues and past and potential clients.
Objective: To address current market stats, cross that with potentially rising interest rates and definitely rising home prices and try to see the positive.
Elizabeth Merritt 