Inventory continues to decline, but that should change soon. Right now we're at a 2016 low with 210 units available.Last week, 19 new listings hit the market. We also had 19 sold listings. But with expireds, pendings and withdrawn properties, we actually lost inventory.
For the 19 sold, the average price was $211,250 or $116/square foot. Average time on the market was 84 days, but one listing had been on the market for over 800 days (!) and if that one is excluded, the average time on the market was only 42 days. Folks, that is very, very fast.
At the risk of sounding like a broken record, here's my analysis for consumers.
Sellers - if you're waiting for 'Spring' (look outside today, by the way), DON'T. There are motivated buyers looking for homes and your competition is at an extreme low right now. Need or want to sell fast? List it now.
Buyers - I know many of you are committed to other agents, and that's fine. But please work with a LOCAL, experienced, preferably full-time agent. Why? Because they know the area, they don't have to drive 45 minutes to get here and they'll add real value to your home purchase.
Last year I worked with two buyers that found me after working with what could be called 'mega agents'. The buyer agents on those 'teams' couldn't get them into homes quick enough and they had trouble reaching them by phone. They didn't feel as if they were being taken seriously while they were ready to make the biggest purchase of their life.
If interested, you can get a list of last week's 19 new listings here, or check out my video report here.
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