The latest numbers from our real estate market have just come in, so I’d like to share a quick update with you today. Let’s take a look at how our market fared this February and March compared to what we saw during the same time in 2017.
First of all, sales and average home prices have both risen year over year. Year-to-date, prices have actually risen 8% so far. This is a decent improvement upon the 5% average increase we typically see over this period.
While sales volume is up, we are still experiencing a shortage of inventory. As of the end of March, we recorded just 3,883 units on the market. In March of 2017, there were 4,464 units on the market. This lack of inventory is great for sellers but can make it difficult for buyers to find the right property.
If they are able to find a home, buyers currently have the opportunity to take advantage of today’s low interest rates.
No matter what your real estate goals may be, I would be happy to help you discover the best way to navigate these current market conditions.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.