Market Watch
Last month’s Market Watch was all about listings. I suggested that based on the way this year’s real estate market has started that we would soon need more listings and that based on virtually any measure, now would be a good time to list your home if you were considering a move. Everything I suggested last month has proven to be true and there are even more reasons to list real estate for sale now.
We have fewer homes on the market than at any time in 6 years. The month’s supply of homes on the market (6.59) is lower than it has been for 68 of the past 70 months. Our average month’s supply for the first 3 months has been lower than any year for the past 4 years. We have seen slight improvements in both our list to sale price ratio (95.10%) and in our days on market number. Unit sales are up 7% from the first 3 months of last year and I am confident that next month will show continued improvement. Even the national media has made some positive comments about real estate.
Although everything I said in the previous two paragraphs is true and I am confident that now is a good time to list a home. I don’t want to overstate or exaggerate the current state of our real estate market. Things have definitely improved but we will not have as strong a year as we did in 2006 or 2007. Prices have improved but have not returned to their previous highs. Although the market has rebounded it would not surprise me to see a little slowdown this fall because of uncertainty about this fall’s election. Interest rates are great but will not stay this low forever, which is another reason for buyers to act and take advantage of current rates.
As always I am happy to answer your real estate questions. You can reach me on my cell phone at 812-499 or email Rolando@RolandoTrentini.com
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