Hello! I can’t believe we’re already into the second month of the year.
I’ve been busy with contractors and projects at my new house. My roof just got done, new gutters this week, some construction wrapping up in the apartment, and pretty soon, a new foundation being installed for this beautiful 1905 home we purchased.
New roof by 503 Roofing:
I love this window light. One of my favorite things:
February Real Estate Update
The market is picking up. I have some buyers actively looking and we’re seeing homes pending within a few days again!
With the interest rates where they’ve been, I didn’t expect to see that again so quickly. But, here we are!
If you’re thinking about selling, now is still a great time. Inventory is still pretty low and buyers are really picking up.
If you’re thinking about buying, now is also a great time! If we wait to long, and if interest rates drop like they’re saying they will, the frenzy will begin again and if the past gives any indication of the future, we’ll be seeing multiple offers, offers above asking, less contingencies, and quicker movement in the market.
Get in before the frenzy! (Here’s a link to the full Market Action Report.)
Inventory crept up a bit in January but we’re still maintaining right around the 3 month mark.
If no additional homes were to be listed as of today, based on trends, we would see housing inventory sold in about 3 months.
Since last month the number of closed sales and both median and average sales prices have dropped but when we look at trends from a year ago today, all have increased.
The long-term trends are much more indicative of how our market is shifting so while you may see some negative changes happening through the holidays, we are seeing more stability overall.
As always, I’m always here to answer your real estate questions and to help you make the right moves for your family.