March sales showed the typical seasonal increase in sales – more than double from February sales. Buyer demand is still high in comparison to the amount of inventory – almost every price range has less than 2 months of supply. When the amount of inventory is 4 months or less, it is considered a Seller’s/Appreciating Market. That is the case in every price range except for $900,000 - $949 999. Every other price range has low inventory.
For Sellers, this means that there should be lots of competition for your home. A well-priced home in good condition will sell quickly. If you are on the market for more than 1 month without being under contract, a price adjustment might be needed. In March, the average price reduction which led to a sale was 3%. Also, the list to sale price ratio was 97.8%. It can be tempting to price higher in a Seller’s market to ensure you maximize your net gain. But, it’s helpful to note that a list price does not have to allow for a large amount of negotiation room.
For Buyers, the current market is competitive. It is important to have your financing plan in place – a pre-approval letter with an understanding of the loan type of down payment. These are all terms your Realtor® needs to know to write your offer.
At Alta Homes, we follow the market and believe it’s necessary to know The Numbers. Give us a call to understand how the numbers relate to your home sale or purchase.
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