A strong real estate market in the seasonally strongest time of the year means it is pretty cray cray out there right now. Let’s take a closer look at what’s going on and more importantly what it means for YOU!
Active inventory this March is down almost 13% over last March. This downward pressure on inventory is creating upward pressure on price. Multiple offer situations abound right now on the well staged homes.
The median sales price is up nearly 7% year over year and currently stands at $255,000. We anticipate appraisal issues to start creeping into the market as buyers are willing to pay more than historical sales.
Median days on market is down over 13% to 46 days vs 53 days a year ago. The Peters Company median days on market is 4 days, folks. Thursdays are listing days for the Peters Company, and the majority of those listings aren’t making it past the end of the weekend without offers.
We are seeing a seller’s market right now at or below a $500,000 list price while $500,000-$750,000 is a rather balanced market. Over $750,000 has well over a 12-month supply of inventory making it an extreme buyer’s market. More and more clients are selling in their favorable seller’s market and then moving into a favorable buyer’s market price point. It’s not a bad strategy, especially considering the interest rates are still in the low 4-4.25% range.
Speaking of rates, we are seeing lenders really move on government (FHA) and jumbo loan money so much so that they are in line or even lower than the conventional loan money. Long gone are the days of banks afraid to loan big dollars on the jumbo loan market. Now they are incentivizing the buyers to do it. The only thing that can correct prices right now is having more properties hit the market or to stop selling them. The latter doesn’t seem likely. We expect sellers to cash out with either home equity lines of credit or grabbing equity out of their home in a sell situation. We’ve been advising clients that if they are considering a sale over the next three years, there could be no better time than right now.
The Peters Company has gotten off to a record breaking start with nearly $29M in sales volume through the first three months of the year. Recently the team was recognized for not only being the top Keller Williams team in the state of Georgia through March, but also the top Keller Williams team in the Southeast Region consisting of Georgia, Alabama, and Tennessee. Your support of our team has been tremendous, and we sincerely thank you for giving us opportunities to help you, your family members, co-workers, friends, and neighbors. We want to help you win in today’s market. Call us today for a free consultation.
Written by Andy Peters