SFH Market Report: It is Heating Up!
The news today is that the numbers for March are in and for single family homes it confirms what we were expecting, like the weather, the market is heating up – the median sales price increased from February to March – it was up $27,500, or 3.8%, though it is $40,000 below where it was in March 2018. Keep in mind March closings are from deals that were likely put together in February when inventory was low.
Buyer shopping in March saw a large increase in the number of homes for sale with 1,060 new listings hitting the market while they only saw 613 new listings in February. Buyers this March also had a little more to choose from than buyers last March as last March there were 918 new listings.
However, the total number of listings on the market didn’t increase as much as you would think as homes got snapped up quickly.
With inventory increasing, so did the months of supply, a measure of how long it would take to sell all the homes for sale.
Something I don’t think many buyers internalized yet is that the market is moving a lot faster this spring than it was in the second half of last year. Median days on market is down to 9 days after hitting 30 days just a couple of months ago. Good homes are going fast!
Which also means that we’re seeing homes sell close to list. If you want a deal, find a home that has been on the market for two weeks or longer.