It’s almost unbelievable that we’re just two weeks away from the end of the first quarter. In the residential real estate market, total inventory remains lower than expected for this time of year. Having said that, serious buyers are signing contracts. Undoubtedly, it’s been slower than usual, but we’re gearing up. The period from now until mid-June typically sees the highest activity in real estate transactions, so we’re watching how the trend plays out this year.
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With roughly 5,906 homes on the market, inventory remains tight. We are down roughly 4% year over year. This decline could be influenced by factors such as economic uncertainty (interest rates), shifting buyer preferences, and global events. However, as we enter the busiest four months of the year, we’ll be closely monitoring the trends and keeping you informed every step of the way.
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This is a great chart that shows how many contracts were signed in the last 30 days. We like to see this number over 1,000 and we are close at 957. There has not been a down week since the end of January, so we are hoping to continue this slow, steady march higher. We have not seen the 1,000 level mark since spring of 2022. The question remains can we get there, and can we sustain it? Time will tell.
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The Optimal Time to List chart shows the historical volume of signed contracts for each month, highlighting market seasonality. Months with the highest deal volume indicate increased buyer competition and optimal times to list properties for sale.
It wouldn’t be the beginning of the spring market without reminding sellers of the absolute best time to list. If you’ve been waiting for the right moment, this is it. Let’s discuss how to position your home for success in this peak selling season.
For buyers, the best strategy is to be prepared to move quickly. Ensure all your paperwork is in order, whether you’re purchasing with cash or financing. With inventory tight and demand strong, well-priced apartments in move-in condition are finding deals.
As always, if you have any questions, please feel free to reach out to us at any time.