Market stats you need to know as the spring season approaches.

As we enter the spring buying season, it’s extremely important to be aware of what to expect whether you’re looking to buy or sell a home. Given recent events such as bank closures and the Fed’s decisions, it’s crucial to stay informed about the current state of the real estate market. Let’s take a look at some key market indicators.

Inventory levels have remained relatively low, starting the year with around 15,000 homes on the market and currently hovering around 13,000. It isn’t near what we were seeing last year when the market was insane and there were only 4,000 homes on the market, but there are still not enough homes available to meet the current demand.

“Stay up-to-date with daily market developments to anticipate market fluctuations.”

Toward the end of last year, we saw fewer than 5,000 monthly sales, but this year we’ve increased to around 5,400 per month. Although this number is still low, it’s a healthy one considering the current state of the market.

It’s important to note that the housing market is highly volatile, and changes such as fluctuations in mortgage rates can happen suddenly. That’s why you need to stay up-to-date with daily market developments and be aware of current mortgage rates to anticipate market fluctuations.

For buyers, it’s crucial to work with a reputable lender and secure a favorable mortgage rate when looking to purchase a home. For sellers, there are opportunities to capitalize on high buyer demand and low inventory levels, but it’s important to work with a qualified real estate agent to accurately price your home.

If you have any questions or need help navigating the current real estate market, don’t hesitate to reach out and call or email us. We’re here to help.