Today I am sharing all the latest data from our market. In February 2021, inventory decreased a whopping 63% compared to February 2020, but showings rose 15%. There are many more people looking at much fewer homes. New listings declined 14% compared to last year, and the average sales price grew by 13%, which is excellent news for sellers. This news is not that bad for buyers either, as mortgage rates are still low. Though they have crept up a bit recently, and your buying power is still quite strong.
Last month, closed sales shrunk by 5%, and 46% of those houses sold for over list price. Our real estate market remains red-hot. Inventory decreases remain the trend; in most market segments, inventory is at or below one month of supply, and that will take a long time to change. We foresee market conditions staying about the same well into this year and maybe even beyond.
The resale market is on fire; again, 46% of properties sold for over list price in February, and that number was only 17% in 2020. That number has almost tripled in just one year. As long as the number of buyers moving into our area continues to exceed that of sellers moving out, our low housing supply situation will continue.
“We foresee market conditions staying about the same well into this year.”
That means buyers are in acquisition mode; they are leaning on their real estate agent for strategies and recommendations. We are shooting for a number above list price and trying to make the best decisions for our buyers. This market is fantastic for sellers but a little challenging for buyers; however, we are still helping them get what they need.
Since this market is so competitive, here are four questions you need to ask your agent:
- What makes you different from the other agents?
- What is your strategy to win in multiple-offer situations?
- What is your strategy to help us find a new home?
- Are you a full-time agent? (Do they sell at least 20 houses per year?)
There is much more information behind those four questions, and I would love to share it with you and tell you how our team is different and better. Call, text, or email us if you would like to discuss these topics or any other. We look forward to speaking with you soon.
