Recently, we were digging into our MLS and we came across some important data that you need to know about.
Right now, we do not have enough inventory for the number of buyers in the market. When the market hit bottom, there were 33,000 homes for sale. Now, we only have 16,000 homes for sale — that means there are even fewer homes on the market than there were during the market peak.
Days on market have also dropped. When the market was at its peak, the average days on market was 40. When the market hit bottom, the average days on market was 90. Now, homes are on the market for an average of 20 days. Not only that, but the price per square foot is 5% higher than it was during the peak of the market.
The bottom line is we need inventory. There are 60,000 buyers in our database, so we are desperate for homes to sell. If you are just thinking of testing the water, give us a call. We’ll give you a no cost, no obligation, home equity evaluation. We will go through exactly what’s going on in your neighborhood.
The numbers we went over today are general market statistics. We can tell you exactly what is going on in your neighborhood so that you will know what you can net at the closing table.
Please reach out to us. We need more inventory for our market. In fact, we have 61 active buyers right now who cannot find homes. These buyers are cash buyers or they are fully pre-approved; they can all close in seven to 10 days. If you want a painless, simple selling process, give us a call or email us at [email protected]
As always, if you have any other real estate questions, give us a call. We are always happy to help you!