The Spring Real Estate Market is upon us and all signs are indicating another strong market for the Summer of 2018. Inventory is still very with approximately 3.5 months of inventory available, averaged across all price points. However, if you break these numbers down, you will find that there is less than 2 months supply of inventory for homes priced below $250,000, meaning a very strong sellers market for those in that price range.
The luxury market is sustaining well and considered a more stable market (for purposes of this evaluation, we will use homes priced from $750,000 and up). Currently, we are averaging just over 6 months supply of Luxury Home inventory.
For sellers take note:
-Current average is 60 days on the market
-We are seeing multiple offers, so a better list to sales price ratio
-Less inventory so less competition
For buyers:
-Lots of new home inventory options as there is limited resale availability.
-Still historically low interest rates, so good time to buy!
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