Wednesday, April 3, 2019 / by Cooper Riach
What Type of Market Are we in?
To start it off lets talk about what type of market we are currently in. The market is a seller's market right now. There is currently 1.6 months of inventory. What that means, if if no more properties come on the market, in 1.6 months there will be no more homes for sale. Now, just because there are not a lot of properties for sale does not mean that there are going to be less people looking to buy a home. This creates multiple offers situations. Multiple offers are the norm right now. That can be nerve racking for some, but all it means is that you need a good agent that will step up to the plate for you. Luckily I know a good team that is filled with exceptional agents who are skilled at winning in multiple offer situations.
Let's talk about price. The median sales price is currently at $267,500 which is up 6.2% from this same time last year. That means that houses sold for 6.2% more than it would have last year (on average). In addition to an appreciation in total sales price, price per square foot has also appreciated. It has gone from $146 last year to $153 this year which is a 4.8% increase.
What this Means for Buyers
All of this may have you thinking that this market is not good for buyers. That is understandable. But there are numbers that are in favor of buyers. For example, properties for sale are sitting on the market for an average of 68 days until sale. That's the same as this time last year. Furthermore, sellers are not getting 100% of their sales price. They are getting 97.7% which is about the same as last year. Another perk with being a buyer in this market is the rates for loans are low! At the end of the day, if you are buying in this market, you need a competent realtor backing you to get into your next home!